<SEC-DOCUMENT>0001292814-12-001448.txt : 20120522
<SEC-HEADER>0001292814-12-001448.hdr.sgml : 20120522
<ACCEPTANCE-DATETIME>20120522170912
ACCESSION NUMBER:		0001292814-12-001448
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120522
DATE AS OF CHANGE:		20120522

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:		12862284

	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>siditr1q12_6k.htm
<DESCRIPTION>QUARTERLY FINANCIAL INFORMATION - 1Q12
<TEXT>

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   <TITLE>siditr1q12_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>
<HR align=center color=#000000 width="21%" noShade>

<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>
<HR align=center color=#000000 width="21%" noShade>

<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>
<P></P>
<HR align=left color=#000000 SIZE=2 noShade>

<DIV style="PAGE-BREAK-BEFORE: always"><A name=page_1></A></DIV>
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<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT size=+0><FONT size=+0><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE
TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly
      Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA
      NACIONAL</FONT></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version:
      1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0in 0in 0pt">&nbsp;</P>
<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Table of
Contents</FONT></B></FONT></H1>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; BORDER-TOP: #bfbfbf 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Company Information</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; BORDER-TOP: #bfbfbf 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="MARGIN: 6pt 0in 3pt">&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Capital Breakdown</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">1</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Parent Company Financial Statements
      </FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Balance Sheet &#8211; Assets</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">2</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Balance Sheet &#8211; Liabilities</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">3</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Statement of Income</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">4</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Statement of Comprehensive
    Income</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">5</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Statement of Cash Flows</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">6</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US>Statement of Changes in Shareholders&#8217;
      Equity</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">1/1/2012 to 03/31/2012</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">7</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">1/1/2011 to 03/31/2011</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">8</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Statement of Value Added</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">9</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Consolidated Financial
      Statements</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Balance Sheet - Assets</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">10</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Balance Sheet - Liabilities</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">11</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Statement of Income</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">12</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Statement of Comprehensive
    Income</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">13</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Statement of Cash Flows</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">14</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt" lang=EN-US>Statement of Changes in Shareholders&#8217;
      Equity</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">1/1/2012 to 03/31/2012</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">15</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">1/1/2011 to 03/31/2011</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">16</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">Statement of Value Added</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">17</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US>Comments on the Company&#8217;s Consolidated
      Performance</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">18</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US>Notes to the Financial
      Statements</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">29</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Reports and Statements</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="90%">
      <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US>Unqualified Independent Auditors&#8217;
      Review Report </FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">100</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></DIV></DIV>
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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>

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

<DIV align=left>

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



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR>Company Information / Capital Breakdown</FONT></B></FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 14.2pt">

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

   <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Number of Shares</FONT></B></FONT></P>

   <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">(Units)</FONT></B></FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Current Quarter</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">03/31/2012</FONT></B></FONT></P></TD>

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

   <P style="MARGIN: 6pt 0in 3pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

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

   <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Paid-in Capital</FONT></B></FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right>&nbsp;</P></TD>

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

   <P style="MARGIN: 6pt 0in 3pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

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

   <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Common</FONT></B></FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt">1,457,970,108</FONT></FONT></P></TD>

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

   <P style="MARGIN: 6pt 0in 3pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Preferred</FONT></B></FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">0</FONT></FONT></P></TD>

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

   <P style="MARGIN: 6pt 0in 3pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

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

   <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Total</FONT></B></FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt">1,457,970,108</FONT></FONT></P></TD>

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

   <P style="MARGIN: 6pt 0in 3pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

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

   <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Treasury Shares</FONT></B></FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right>&nbsp;</P></TD>

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

   <P style="MARGIN: 6pt 0in 3pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

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

   <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Common</FONT></B></FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">0</FONT></FONT></P></TD>

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

   <P style="MARGIN: 6pt 0in 3pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Preferred</FONT></B></FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">0</FONT></FONT></P></TD>

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

   <P style="MARGIN: 6pt 0in 3pt">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

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

   <P style="MARGIN: 6pt 0in 3pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 10pt">Total</FONT></B></FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt">0</FONT></FONT></P></TD>

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

   <P style="MARGIN: 6pt 0in 3pt">&nbsp;</P></TD></TR></TABLE></DIV>

<DIV>

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

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

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

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

<P style="TEXT-ALIGN: right">Page 1 of 100</P>

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

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>

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

<DIV align=left>

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



<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Parent Company Financial Statements / Balance Sheet &#8211; Assets</FONT></B></FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Code</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Description</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Current Quarter<BR>3/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Previous Year<BR>12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Total assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">46,012,009 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">45,582,817 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Current assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">8,084,172 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">8,886,953 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Cash and cash equivalents</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,102,902 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,073,244 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Trade receivables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3,746,713 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3,516,800 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Inventories</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,818,046 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,885,617 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01.06</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Recoverable taxes </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">385,748 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">296,394 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01.08</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other current assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">30,763 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">114,898 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Non-current assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">37,927,837 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">36,695,864 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Long-term receivables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3,962,050 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3,852,937 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.01.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Trade receivables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">10,243 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">10,202 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.01.06</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Deferred taxes</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,327,664 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,300,650 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.01.08</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Receivables from related parties</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">319,343 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">125,843 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.01.09</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other non-current assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,304,800 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,416,242 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Investments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">23,102,339 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">22,573,890 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Property, plant and equipment</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">10,843,040 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">10,247,845 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Intangible assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">20,408 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">21,192 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<DIV>

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

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

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

<P style="TEXT-ALIGN: right">Page 2 of 100</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT><FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>

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

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<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Parent Company Financial Statements / Balance Sheet &#8211; Liabilities</FONT></B></FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>

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

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

<DIV align=left>

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



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Code</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Description</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Current Quarter<BR>3/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Previous Year<BR>12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Total liabilities</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">46,012,009 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">45,582,817 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Current liabilities</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7,370,255 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7,351,509 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Payroll and related taxes</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">120,215 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">123,839 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Trade payables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,008,907 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">667,886 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Taxes payable</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">154,458 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">122,648 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Borrowings and financing</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3,853,733 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4,330,141 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.05</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other payables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,994,265 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,872,865 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.06</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Provisions</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">238,677 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">234,130 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.06.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Provisions for tax, social security, labor and civil risks</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">230,876 &nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">225,997 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.06.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other provisions</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7,801 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">8,133 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Non-current liabilities</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">30,433,242 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">30,245,487 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Borrowings and financing</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">19,222,105 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">19,005,495 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other payables</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">9,695,695 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">9,718,976 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Provisions</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,515,442 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,521,016 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.04.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Provisions for tax, social security, labor and civil risks</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">267,980 &nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">262,432 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.04.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other provisions</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,247,462 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,258,584 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.04.02.04</FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Pension and healthcare plan</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">469,027 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">469,027 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.04.02.06</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other provisions</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">778,435 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">789,557 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Equity</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">8,208,512 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7,985,821 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Issued capital</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,680,947 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,680,947 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Capital reserves</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">30 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">30 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Earnings reserves</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7,671,620 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7,671,620 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.04.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Legal reserve</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">336,190 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">336,190 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.04.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Statutory reserve</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">5,717,390 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">5,717,390 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.04.08</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Additional dividends proposed</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">273,492 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">273,492 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.04.10</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Investment reserve</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,344,548 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,344,548 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.05</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Retained earnings/accumulated losses</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(7,496)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">- </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.08</FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other comprehensive income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(1,136,589)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(1,366,776)</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<DIV>

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

<P style="TEXT-ALIGN: right">Page 3 of 100</P>

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>

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

<DIV align=left>

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



<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Parent Company Financial Statements / Statement of Income</FONT></B></FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Code</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Description</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Current Quarter<BR>1/1/2012 to 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">YTD Current Year<BR>1/1/2011 to 3/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Net revenue from sales and/or services </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,409,456 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,570,165 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Cost of sales and/or services </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(1,887,154)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(1,726,681)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Gross profit</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">522,302 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">843,484 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Operating expenses/income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(25,660)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">203,013 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.04.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Selling expenses</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(68,204)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(81,102)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.04.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">General and administrative expenses</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(77,351)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(73,873)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.04.04</FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other operating income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">27,929 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4,809 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.04.05</FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other operating expenses</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(95,600)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(143,583)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.04.06</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Share of profits of affiliated companies</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">187,566 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">496,762 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.05</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Profit before finance income (costs) and taxes</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">496,642 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,046,497 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.06</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Finance income (costs)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(501,229)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(470,929)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.06.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Finance income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">46,787 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">61,426 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.06.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Finance costs</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(548,016)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(532,355)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.06.02.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Net exchange gains (losses) on financial instruments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">176,646 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">159,632 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.06.02.02</FONT></FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Finance costs</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(724,662)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(691,987)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.07</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Profit before taxes on income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(4,587)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">575,568 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.08</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Income tax and social contribution </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">115,281 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">41,951 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.09</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Profit from continuing operations </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">110,694 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">617,519 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.11</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Profit/loss for the period</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">110,694</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">617,519 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.99</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Earnings per share - (R$/share)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.99.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Basic earnings per share</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.99.01.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Common shares</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">0.07592</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">0.42355</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.99.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Diluted earnings per share</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3.99.02.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Common shares</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">0.07592</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">0.42355</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

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

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

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

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

<DIV>

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

<P style="TEXT-ALIGN: right">Page 4 of 100</P>

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





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_6"></A>

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

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>

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

<DIV align=left>

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



<TR style="PAGE-BREAK-INSIDE: avoid">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Parent Company Financial Statements / Statement of Comprehensive Income</FONT></B></FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>

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

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

<DIV align=left>

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



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Code </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Description </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Current Quarter<BR>1/1/2012 to 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">YTD Current Year<BR>1/1/2011 to 3/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4.01 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Consolidated profit for the year </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">110,694 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">617,519 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4.02 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other comprehensive income </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">230,187 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">120,664 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4.02.01 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Exchange differences arising on translation of foreign operations </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(30,022)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(10,852)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4.02.03 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Net change in fair value of available-for-sale financial assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">260,209 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">131,516 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4.03 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Consolidated comprehensive income for the year </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">340,881 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">738,183 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<DIV>

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

<P style="TEXT-ALIGN: right">Page 5 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_7></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT size=+0><FONT size=+0><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE
TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly
      Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA
      NACIONAL</FONT></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version:
      1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Parent Company Financial Statements /
Statement of Cash Flows &#8211; Indirect Method</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>&nbsp;</FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$
thousand)</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Code
</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Description
      </FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">YTD Current Year <BR>1/1/2012
      to 3/31/2012</FONT></I></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">YTD Previous Year
      <BR>1/1/2011 to 3/31/2011</FONT></I></B></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Net cash generated
      by (used in) operating activities</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(401,987)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">226,479
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Cash generated from
      operations</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">551,437 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">619,794
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.01
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Profit for the
      year</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">110,694 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">617,519
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Accrued charges on
      borrowings and financing</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">648,814 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">580,918
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Depreciation/ depletion /
      amortization </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">221,585 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">176,852
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Realization of
      available-for-sale investments</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(187,566)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(496,762)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Deferred income
      tax and social contribution</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(115,281)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(90,362)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.06</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Provision of
      swaps/forwards</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3,519 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">5,254
</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.07</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Provision for tax,
      social security, labor and civil risks</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">12,724 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">8,435
</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.08</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Inflation
      adjustment and exchange differences</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(176,646)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(200,788)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.10</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Proceeds from
      write-off and disposal of assets</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.14</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other
      provisions</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">33,593 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">18,728
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Increase
      (decrease) in assets and liabilities </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(953,424)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(393,315)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.01
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Trade
      receivables</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(6,493)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(51,803)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Related parties
      reciveble</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(353,833)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(255,018)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Inventories</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">55,276 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">200,655
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Receivables from related
      parties</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(5,208)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">51,414
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Recoverable
      taxes</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">17,826 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">46,473
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.07</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Trade
      payables</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(51,380)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(63,328)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.08</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Payroll and related
      tax</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">20,676 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(8,849)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.09</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Taxes</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">18,766 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">82,351
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.10</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Account payables
      with controlled company</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,090 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">10,775
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.11</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Contingent liabilities
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">370 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">48,198
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.12</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Taxes in installments -
      REFIS</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(95,480)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(48,325)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.13</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Judicial
      deposits</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(2,606)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(9,284)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.14</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Dividends and
      interest on capital</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">15,655 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.15</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Interest
      paid</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(526,719)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(338,748)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.16</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Interest on swap
      paid</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(3,817)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(5,519)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.17</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Others</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(37,547)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(52,307)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Net cash used in
      operating activities</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(628,072)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(929,522)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.02.01 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Investments</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(258,542)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(583,886)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.02.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Property, plant and
      equipment</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(369,530)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(345,648)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.02.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Cash arrising from
      controlled company merger</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">12 </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Net cash generated
      by financing activities</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">59,717 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,114,418
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.03.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Borrowings</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">939,181 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,063,201
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.03.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Related parties
      borrowings</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">288,178
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.03.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Repayments to
      financial institutions - principal</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(851,188)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(163,038)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.03.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Related parties -
      Repayments to financial institutions</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(28,262)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(73,923)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.03.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Dividends and
      interest on capital</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(14)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Exchange rate
      changes on cash and cash equivalents</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(27)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Increase
      (decrease) in cash and cash equivalents</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(970,342)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,411,348
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.05.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Cash and cash
      equivalents at the beginning of the year</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,073,244
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">108,297
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.05.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Cash and cash
      equivalents at the end of the year</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,102,902
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,519,645
    </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right">Page 6 of 100</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_8></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT size=+0><FONT size=+0><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE
TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly
      Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA
      NACIONAL</FONT></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version:
      1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Parent Company Financial Statements /
Statement of Changes in Shareholders&#8217; Equity &#8211; 1/1/2012 to
3</FONT></B></FONT><FONT style="DISPLAY: none"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>9</FONT></B></FONT></FONT><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>/31/2012</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Code
    </FONT></I></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Description</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Paid-in capital
      </FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Capital reserves, granted stock options and treasury
      shares</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Earnings
      reserves</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Retained earnings/(accumulated
      losses)</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other comprehensive
      income</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Equity</FONT></B></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Opening
      balances</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,671,620
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,366,776)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,985,821
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Adjusted opening
      balances</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,671,620
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,366,776)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,985,821
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Capital transactions with
      shareholders</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(118,190)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(118,190)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>
      <P><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.04.07</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="30%">
      <P><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Interest on
      Capital</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(118,190)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(118,190)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Total comprehensive
      income</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">110,694 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">230,187 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">340,881
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Profit for the
      year</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">110,694 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">110,694
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other comprehensive
      income</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">230,187 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">230,187
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Translation
      adjustments for the year</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(30,022)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(30,022)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02.09</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Available-for-sale
      assets</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">260,209 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">260,209
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.07</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Closing
      balances</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,671,620
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(7,496)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,136,589)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=middle width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,208,512
  </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right">Page 7 of 100</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_9></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT size=+0><FONT size=+0><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE
TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly
      Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA
      NACIONAL</FONT></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version:
      1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Parent Company Financial Statements /
Statement of Changes in Shareholders&#8217; Equity&#8211; 1/1/2011 to
3/31/2011</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Code </FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Description
      </FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Paid-in capital
      </FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Capital reserves, granted stock options and treasury
      shares</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Earnings
      reserves</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Retained earnings/(accumulated
      losses)</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other comprehensive
      income</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Equity</FONT></B></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Opening
      balances</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,119,798
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(168,015)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,632,760
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Adjusted opening
      balances</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,119,798
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(168,015)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,632,760
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Capital transactions with
      shareholders</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(117,012)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(117,012)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.04.07</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Interest on
      Capital</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right><FONT size=+0><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(117,012)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(117,012)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Total comprehensive
      income</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">617,519 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">120,664 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">738,183
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Profit for the
      year</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">617,519 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">617,519
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other comprehensive
      income</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">120,664 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">120,664
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Translation
      adjustments for the year</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(10,852)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(10,852)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02.08</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Available-for-sale
      assets</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">131,516 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">131,516
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.07</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Closing
      balances</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,119,798
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">500,507 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(47,351)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,253,931
  </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right">Page 8 of 100</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_10></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT size=+0><FONT size=+0><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE
TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly
      Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA
      NACIONAL</FONT></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version:
      1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Parent Company Financial Statements /
Statement of Value Added </FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Code </FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Description
      </FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">YTD Current Year<BR>1/1/2012
      to 3/31/2012</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">YTD Previous Year<BR>1/1/2011
      to 3/31/2011</FONT></B></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Revenues</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3,056,051
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3,217,361
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.01.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Sales of products
      and services </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3,052,345
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3,214,209
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.01.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Other
      revenues</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(1)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(9)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.01.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Recognition/reversal of allowance for doubtful debts
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3,707 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3,161 </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Inputs purchased
      from third parties</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(1,971,952)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(1,948,397)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.02.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Costs of sales and
      services </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(1,760,504)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(1,664,311)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.02.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Materials, eletric
      power, outside services and other</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(204,933)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(275,055)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.02.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Impairment/recovery of
      assets</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(6,515)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(9,031)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Gross value
      added</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">1,084,099
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">1,268,964
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Retentions</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(221,585)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(176,852)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.04.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Depreciation, amortization and
      depletion</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(221,585)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(176,852)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Wealth
      created</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">862,514 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">1,092,112
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.06</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Value added
      received as transfer</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">233,807 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">546,838
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.06.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Share of profits of
      subsidiaries</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">187,566 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">496,762
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.06.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Finance
      income</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">46,787 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">61,426
</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.06.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Other</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(546)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(11,350)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.07</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Wealth for
      distribution</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">1,096,321
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">1,638,950
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Wealth
      distributed</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">1,096,321
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">1,638,950
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Personnel
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">249,276 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">246,684
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.01.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Salaries and
      wages</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">187,175 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">195,330
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.01.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Benefits</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">39,809 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">40,479
</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.01.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Severance pay fund (FGTS)
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">22,292 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">10,875
</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Taxes and
      fees</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">187,727 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">261,029
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.02.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Federal</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">122,183 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">193,775
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.02.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">State</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">56,998 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">59,790
</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.02.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Municipal</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">8,546 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7,464 </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Lenders and lessors
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">548,624 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">513,718
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.03.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Interest</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">547,633 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">691,535
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.03.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Leases</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">991 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">30
      </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.03.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Others</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">-
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(177,847)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Shareholders</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">110,694 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">617,519
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.04.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Interest on
      capital</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">118,190 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">117,012
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">7.08.04.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Retained
      earnings/(accumulated losses) for the year</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(7,496)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">500,507
  </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right">Page 9 of 100</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_11></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT size=+0><FONT size=+0><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE
TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly
      Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA
      NACIONAL</FONT></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version:
      1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated Financial Statements / Balance
Sheet - Assets</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Code</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Description</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Current
      Quarter<BR>3/31/2012</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Previous
      Year<BR>12/31/2011</FONT></B></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Total
    assets</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">47,946,045
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">46,869,702
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Current
      assets</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">20,854,785
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">21,944,306
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Cash and cash
      equivalents</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">14,144,014
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">15,417,393
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Trade
      receivables</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,019,285
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,616,206
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Inventories</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3,648,280
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3,734,984
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01.06</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Recoverable taxes
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">693,954 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">584,273
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.01.08</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other current
      assets</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">349,252 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">591,450
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Non-current
      assets</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">27,091,260
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">24,925,396
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Long-term
      receivables</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4,720,380
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4,856,721
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.01.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Short-term
      investments measured at amortized cost</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">116,766 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">139,679
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.01.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Trade
      receivables</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">9,924 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">10,043
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.01.06</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Deferred
      taxes</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,851,028
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,840,773
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.01.09</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other non-current
      assets</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,742,662
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,866,226
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Investments</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,507,176
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,088,225
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Property, plant and
      equipment</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">19,058,400
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">17,377,076
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1.02.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Intangible
      assets</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">805,304 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">603,374
  </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right">Page 10 of 100</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_12></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT size=+0><FONT size=+0><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE
TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly
      Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA
      NACIONAL</FONT></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version:
      1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated Financial Statements / Balance
Sheet &#8211; Liabilities</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Code</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Description</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Current
      Quarter<BR>3/31/2012</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Previous
      Year<BR>12/31/2011</FONT></B></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Total
      liabilities</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">47,946,045
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">46,869,702
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Current
      liabilities</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6,748,664
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6,496,947
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Payroll and related
      taxes</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">202,128 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">202,469
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Trade
      payables</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,334,602
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,232,075
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Taxes
      payable</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">357,125 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">325,132
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Borrowings and
      financing</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,626,012
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,702,083
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other
      payables</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,917,433
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,728,445
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.06</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Provisions</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">311,364 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">306,743
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.06.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Provisions for
      tax, social security, labor and civil risks</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">296,827 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">292,178
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.01.06.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other
      provisions</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">14,537 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">14,565
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Non-current
      liabilities</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">32,575,577
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">31,955,585
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Borrowings and
      financing</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">25,783,562
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">25,186,505
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other
      payables</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">5,487,772
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">5,593,520
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Deferred
      taxes</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">158,870 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">37,851
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Provisions</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,145,373
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,137,709
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.04.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Provisions for
      tax, social security, labor and civil risks</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">351,124 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">346,285
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.04.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other
      provisions</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">794,249 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">791,424
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.04.02.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Pension and healthcare
      plan</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">469,050 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">469,050
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.02.04.02.06</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other
      provisions</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">325,199 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">322,374
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Equity</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">8,621,804
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">8,417,170
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Issued
      capital</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,680,947
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,680,947
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Capital
      reserves</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">30 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">30 </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Earnings
      reserves</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7,671,620
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7,671,620
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.04.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Legal
      reserve</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">336,190 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">336,190
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.04.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Statutory
      reserve</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">5,717,390
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">5,717,390
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.04.08</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Additional dividends
      proposed</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">273,492 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">273,492
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.04.11</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Investment
      reserve</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,344,548
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,344,548
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Retained earnings/accumulated
      losses</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(7,496)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.08</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other comprehensive
      income</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(1,136,589)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,366,776
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2.03.09</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Non-controlling
      interests</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">413,292 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">431,349
  </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right">Page 11 of 100</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_13></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT size=+0><FONT size=+0><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE
TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly
      Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA
      NACIONAL</FONT></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version:
      1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated Financial Statements / Statement
of Income</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>(R$ thousand)</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Code</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Description</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Current Quarter<BR>1/1/2012 to
      3/31/2012</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">YTD Current Year<BR>1/1/2011
      to 3/31/2011</FONT></B></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Net revenue from
      sales and/or services </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3,895,739
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3,789,008
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Cost of sales
      and/or services </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(2,752,606)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(2,232,828)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Gross
    profit</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">1,143,133
</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">1,556,180
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Operating
      expenses/income</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(426,884)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(366,754)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.04.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Selling
      expenses</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(180,995)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(120,002)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.04.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">General and administrative
      expenses</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(133,812)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(121,309)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.04.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Other operating
      income</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">12,684 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">15,585
</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.04.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Other operating
      expenses</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(124,761)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(141,028)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Profit before
      finance income (costs) and taxes</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">716,249 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">1,189,426
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.06</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Finance income
      (costs)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(628,161)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(518,436)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.06.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Finance
      income</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">107,585 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">139,082
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.06.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Finance
    costs</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(735,746)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(657,518)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.06.02.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Net exchange gains
      (losses) on financial instruments</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(52,821)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(93,339)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.06.02.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Finance
    costs</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(682,925)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(564,179)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.07</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Profit before taxes
      on income</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">88,088 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">670,990
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.08</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Income tax and
      social contribution </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">4,547 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(55,295)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.09</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Profit from continuing
      operations </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">92,635 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">615,695
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.11</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Consolidated
      profit/loss for the period</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">92,635 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">615,695
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.11.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Attributed to
      owners of the Company </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">110,694 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">617,519
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.11.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Attributed to
      non-controlling interests</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(18,059)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(1,824)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.99</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Earnings per share
      - (R$/share)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></FONT></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.99.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Basic earnings per
      share</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></FONT></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.99.01.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Common
    shares</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">0.07592</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">0.42355</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.99.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Diluted earnings per
      share</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></FONT></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right><FONT size=+0><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3.99.02.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Common
    shares</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">0.07592</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">0.42355</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right">Page 12 of 100</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_14></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT size=+0><FONT size=+0><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE
TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly
      Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA
      NACIONAL</FONT></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version:
      1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated Financial Statements / Statement
of Comprehensive Income</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Code </FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Description
      </FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Current Quarter<BR>1/1/2012 to
      3/31/2012</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">YTD Current Year<BR>1/1/2011
      to 3/31/2011</FONT></B></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">4.01 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Consolidated profit
      for the year </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">92,635 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">615,695
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">4.02 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Other comprehensive income
      </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">230,187 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">120,664
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">4.02.01 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Exchange
      differences arising on translation of foreign operations
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(30,022)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(10,852)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">4.02.03 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Net change in fair
      value of available-for-sale financial assets </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">260,209 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">131,516
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">4.03 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Consolidated
      comprehensive income for the year </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">322,822 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">736,359
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">4.03.01 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Attributed to
      owners of the Company </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">340,881 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">738,183
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">4.03.02 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Attributed to
      non-controlling interests </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(18,059)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(1,824)</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right">Page 13 of 100</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_15></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT size=+0><FONT size=+0><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE
TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly
      Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA
      NACIONAL</FONT></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%">
      <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT size=+0><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version:
      1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated Financial Statements / Statement
of Cash Flows &#8211; Indirect Method</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Code
</FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Description
      </FONT></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">YTD Current Year <BR>1/1/2012
      to 3/31/2012</FONT></I></B></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">YTD Previous Year
      <BR>1/1/2011 to 3/31/2011</FONT></I></B></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Net cash generated
      by (used in) operating activities</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">346,656 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">917,687
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Cash generated from
      operations</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,048,845
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,374,274
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.01
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Profit for the
      year</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">92,635 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">615,695
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Accrued charges on
      borrowings and financing</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">595,052 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">462,403
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Depreciation/ depletion /
      amortization </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">288,389 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">221,519
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Realization of
      available-for-sale investments</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">27,087 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">118,175
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Deferred income
      tax and social contribution</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(55,096)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(41,375)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.07</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Provision for tax,
      social security, labor and civil risks</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">12,848 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(6,450)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.08</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Inflation
      adjustment and exchange differences</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">29,253 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(38,381)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.09</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Gain/(loss) on
      percentage changes </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">794 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.01.12</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other
      provisions</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">57,883 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">42,688
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Increase
      (decrease) in assets and liabilities </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(702,189)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(456,587)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.01
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Trade
      receivables</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(126,679)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(123,176)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Inventories</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">167,058 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">187,998
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Recoverable
      taxes</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(7,890)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">89,103
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Trade
      payables</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(25,359)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(27,658)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Payroll and related
      tax</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">22,538 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">9,537
</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.06</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Taxes</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">122,010 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(11,711)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.07</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Contingent
      Liabilities</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(465)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">17,664
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.08</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Receivables from jointly controlled
    entities</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(38,856)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.09</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Account payables
      with controlled company</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">890 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4,030
</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.10</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Taxes in installments -
      REFIS</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(95,725)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(48,599)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.11</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Judicial
      deposits</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(3,283)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(14,351)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.13</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Interest
      paid</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(628,562)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(353,345)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.14</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Interest on swap
      paid</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(29,356)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(117,705)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.01.02.15</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Others</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(58,510)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(68,374)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Net cash used in
      operating activities</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(1,352,860)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(1,663,848)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.02.01 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Receipt/payment in derivative transactions</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(121,707)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(30,845)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.02.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Investments</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(60,206)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(809,955)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.02.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Property, plant and
      equipment</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(884,790)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(819,722)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.02.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Intangible</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(492)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(3,326)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.02.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Acquisition of
      subsidiaries</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(300,545)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.02.06</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Cash arrising from
      controlled company merger</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">14,880 </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Net cash generated by financing activities</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(36,229)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,788,049
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.03.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Borrowings</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,655,728
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,129,169
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.03.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Related parties
      borrowings</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(885,006)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(341,120)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.03.03</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Repayments to
      financial institutions - principal</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(806,937)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.03.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Related parties -
      Repayments to financial institutions</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(14)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">-
      </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.04</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Exchange rate changes on cash and cash
      equivalents</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(230,946)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(166,119)</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.05</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Increase (decrease) in cash and cash
      equivalents</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(1,273,379)</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">875,769
  </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.05.01</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Cash and cash equivalents at the beginning of the
      year</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">15,417,393
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">10,239,278
    </FONT></FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">6.05.02</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Cash and cash equivalents at the end of the
      year</FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">14,144,014
    </FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">11,115,047
    </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>
<DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right">Page 14 of 100</P>
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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>

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

<DIV align=left>

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



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated Financial Statements / Statement of Changes in Shareholders&#8217; Equity &#8211; 1/1/2012 to 3/31/2012</FONT></B></FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Code </FONT></I></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Description </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Paid-in capital </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Capital reserves, granted stock options and treasury shares</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Earnings reserves</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Retained earnings/(accumulated losses)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other comprehensive income</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Equity</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Non-controlling interests</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Consolidated equity </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Opening balances</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,671,620 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,366,776)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,985,821 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">431,349 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,417,170 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Adjusted opening balances</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,671,620 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,366,776)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,985,821 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">431,349 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,417,170 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Capital transactions with shareholders</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(118,190)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(118,190)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(118,190)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.04.07</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Interest on Capital</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(118,190)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(118,190)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(118,190)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Total comprehensive income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">110,694 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">230,187 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">340,881 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(18,059)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">322,822 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Profit for the year</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">110,694 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">110,694 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(18,059)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">92,635 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other comprehensive income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">230,187 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">230,187 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">230,187 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Translation adjustments for the year</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(30,022)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(30,022)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(30,022)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02.09</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Sale of available-for-sale assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">260,209 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">260,209 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">260,209 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.06</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Internal changes in equity</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.06.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Non-controlling interests in subsidiaries</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.07</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Closing balances</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,671,620 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(7,496)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,136,589)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,208,512 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">431,292 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,621,804 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<DIV>

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

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

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

<P style="TEXT-ALIGN: right">Page 15 of 100</P>

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></FONT></P>

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

<DIV align=left>

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



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></FONT></H2></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated Financial Statements / Statement of Changes in Shareholders&#8217; Equity &#8211; 1/1/2011 to 3/31/2011</FONT></B></FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Code </FONT></I></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Description </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Paid-in capital </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Capital reserves, granted stock options and treasury shares</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Earnings reserves</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Retained earnings/(accumulated losses)</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other comprehensive income</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Equity</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Non-controlling interests</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Consolidated equity </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Opening balances</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,119,798 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(168,015)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,632,760 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">189,928 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,822,688 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Adjusted opening balances</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,119,798 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(168,015)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,632,760 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">189,928 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,822,688 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Capital transactions with shareholders</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(117,012)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(117,012)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(117,012)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.04.07</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Interest on Capital</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(117,012)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(117,012)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(117,012)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Total comprehensive income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">617,519 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">120,664 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">738,183 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,824)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">736,359 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Profit for the year</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">617,519 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">617,519 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,824)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">615,695 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other comprehensive income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">120,664 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">120,664 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">120,664 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Translation adjustments for the year</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(10,852)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(10,852)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(10,852)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.05.02.08</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Available-for-sale assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">131,516 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">131,516 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">131,516 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.06</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Internal changes in equity</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(228)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(228)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.06.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Non-controlling interests in subsidiaries</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">0 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(228)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(228)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.07</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Closing balances</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,680,947 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,119,798 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">500,507 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(47,351)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,253,931 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">187,876 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,441,807 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

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

<DIV>

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

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

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

<P style="TEXT-ALIGN: right">Page 16 of 100</P>

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





<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_18"></A>

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

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></P>

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

<DIV align=left>

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



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated Financial Statements / Statement of Value Added</FONT></B></FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR>(R$ thousand)</FONT></B></FONT></P>

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

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

<DIV align=left>

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



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Code </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Description </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">YTD Current Year <BR>1/1/2012 to 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">YTD Previous Year <BR>1/1/2011 to 3/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Revenues</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4,605,842 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4,503,966 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.01.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Sales of products and services </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4,618,975 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">4,506,855 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.01.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other revenues</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(18,332)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(4,580)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.01.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Recognition/reversal of allowance for doubtful debts </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">5,199 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,691 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Inputs purchased from third parties</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(2,694,338)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(2,298,684)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.02.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Costs of sales and services </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(2,313,263)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(1,968,417)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.02.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Materials, eletric power, outside services and other</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(373,934)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(319,708)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.02.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Impairment/recovery of assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(7,141)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(10,559)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Gross value added</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,911,504 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,205,282 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Retentions</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(288,389)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(221,519)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.04.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Depreciation, amortization and depletion</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(288,389)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(221,519)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.05</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Wealth created</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,623,115 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,983,763 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.06</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Value added received as transfer</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">111,395 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(117,402)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.06.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Finance income</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">107,585 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">139,082 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.06.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Other</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">3,810 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(256,484)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.07</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Wealth for distribution</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,734,510 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,866,361 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Wealth distributed</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,734,510 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,866,361 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Personnel </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">437,273 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">375,852 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.01.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Salaries and wages</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">334,140 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">296,564 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.01.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Benefits</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">72,665 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">61,354 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.01.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Severance pay fund (FGTS) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">30,468 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">17,934 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Taxes and fees</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">466,410 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">479,671 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.02.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Federal</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">331,066 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">367,708 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.02.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">State</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">129,447 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">102,024 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.02.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Municipal</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">5,897 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">9,939 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Lenders and lessors </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">738,192 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">395,143 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.03.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Interest</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">735,268 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">563,726 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.03.02</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Leases</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">2,924 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">1,631 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.03.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Others</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">- </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(170,214)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Shareholders</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">92,635 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">615,695 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.04.01</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">Interest on capital</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">118,190 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">117,012 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.04.03</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Retained earnings/(accumulated losses) for the year</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(7,496)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">500,507 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">7.08.04.04</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US>Non-controlling interests in retained earnings</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(18,059)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt">(1,824)</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

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

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<P style="TEXT-ALIGN: right">Page 17 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_19"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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

<P></P>

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>USA</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Europe</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>The Eurozone manufacturing PMI reached 47.7 points in March, lower than the 49.0 points posted in February.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Asia</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Brazil</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>R$1.81.&nbsp;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Macroeconomic Projections</FONT></B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US>Source: FOCUS BACEN &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base: May 4, 2012</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>In 1Q12, consolidated COGS reached R$2,753 million, 8% up on 4Q11, chiefly due to higher steel and mining COGS. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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   <P align=justify><FONT size=2>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>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P></TD>

   <TD vAlign=top width="5%" align=center>&nbsp;</TD>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0pt 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT face=Arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#ffffff>Financial Result and Net Debt </FONT></B></FONT></H3></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The 1Q12 net financial result was negative by R$628 million, chiefly due to the following factors:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Interest on loans and financing totaling R$595 million;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Expenses of R$47 million with the monetary restatement of tax payment installments;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Monetary and foreign exchange variations of R$52 million.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>These negative effects were partially offset by returns on financial investments totaling R$66 million.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Investments of R$0.9 billion in fixed assets;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Acquisition of SWT in the amount of R$1.1 billion;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>A R$0.7 billion effect from disbursements related to debt charges;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Other impacts that increased net debt by R$0.2 billion.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>These effects were partially offset by 1Q12 adjusted EBITDA of R$1.1 billion.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The net debt/EBITDA ratio closed the first quarter at 2.36x, based on LTM adjusted EBITDA.</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>The main funding operations made by the Company in 1Q12 are listed below:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>An R$800 million promissory note issue;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.1in; MARGIN: 0in 0in 0pt 0.1in"><FONT face=wingdings><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>A loan of &#8364;120 million, through CSN Steel, for the partial financing of the SWT acquisition.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_22"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0pt 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT face=Arial,sans-serif><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#ffffff>Consolidated Net Income</FONT></B></FONT></H3></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CSN posted consolidated net income of R$93 million in 1Q12, 89% down on 4Q11, basically due to the reduction in gross profit. </FONT></FONT></P>

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

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CSN invested R$882 million in 1Q12, R$549 million of which in subsidiaries or joint subsidiaries, mainly in:</FONT></FONT></P>

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<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt"><FONT face=wingdings><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>&#252;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>Transnordestina Log&#237;stica: R$433 million;</FONT></FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt"><FONT face=wingdings><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>&#252;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>MRS Log&#237;stica: R$70 million;</FONT></FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt"><FONT face=wingdings><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>&#252;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>Namisa: R$19 million.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The remaining R$333 million went to the parent company, mostly in the following projects:</FONT></FONT></P>

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<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt"><FONT face=wingdings><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>&#252;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>Expansion of the Casa de Pedra mine and Itagua&#237; Port: R$94 million;</FONT></FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt"><FONT face=wingdings><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>&#252;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>Long steel: R$93 million;</FONT></FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt"><FONT face=wingdings><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>&#252;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US>Current investments: R$72 million.</FONT></FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT face=Arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_23"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT> <BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

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   <TD bgColor=#003365 vAlign=middle width="55%" align=left><B><FONT color=#ffffff>WORKING CAPITAL (R$ MM)</FONT></B>&nbsp;</TD>

   <TD bgColor=#003365 vAlign=middle width="15%" align=center><B><FONT color=#ffffff>4Q11</FONT></B>&nbsp;</TD>

   <TD bgColor=#003365 vAlign=middle width="15%" align=center><B><FONT color=#ffffff>1Q12</FONT></B>&nbsp;</TD>

   <TD bgColor=#003365 vAlign=middle width="15%" align=center><B><FONT color=#ffffff>Change<BR></FONT></B><STRONG><FONT color=#ffffff>1Q12 x 4Q11</FONT></STRONG> </TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B>Assets</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>4,418</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>4,424</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>6</B>&nbsp;</TD></TR>

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   <TD width="55%" align=left><B>Accounts Receivable</B>&nbsp;</TD>

   <TD width="15%" align=center><B>1,559</B>&nbsp;</TD>

   <TD width="15%" align=center><B>1,787</B>&nbsp;</TD>

   <TD width="15%" align=center><B>228</B>&nbsp;</TD></TR>

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   <TD width="55%" align=left><B>Inventory </B><B><SUP>(*)</SUP></B>&nbsp;</TD>

   <TD width="15%" align=center><B>2,754</B>&nbsp;</TD>

   <TD width="15%" align=center><B>2,627</B>&nbsp;</TD>

   <TD width="15%" align=center><B>(127)</B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B>Advances to Taxes</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>105</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>10</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>(95)</B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" width="55%" align=left><B>Liabilities</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=center><B>1,784</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=center><B>1,929</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=center><B>145</B>&nbsp;</TD></TR>

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   <TD width="55%" align=left><B>Suppliers</B>&nbsp;</TD>

   <TD width="15%" align=center><B>1,232</B>&nbsp;</TD>

   <TD width="15%" align=center><B>1,335</B>&nbsp;</TD>

   <TD width="15%" align=center><B>103</B>&nbsp;</TD></TR>

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   <TD width="55%" align=left><B>Salaries and Social Contribution</B>&nbsp;</TD>

   <TD width="15%" align=center><B>202</B>&nbsp;</TD>

   <TD width="15%" align=center><B>202</B>&nbsp;</TD>

   <TD width="15%" align=center><B>0</B>&nbsp;</TD></TR>

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   <TD width="55%" align=left><B>Taxes Payable</B>&nbsp;</TD>

   <TD width="15%" align=center><B>325</B>&nbsp;</TD>

   <TD width="15%" align=center><B>357</B>&nbsp;</TD>

   <TD width="15%" align=center><B>32</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B>Advances from Clients</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>24</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>34</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>10</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="55%" align=left><B>Working Capital</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=center><B>2,634</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=center><B>2,495</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=center><B>(139)</B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003365 width="55%" align=left><FONT color=#ffffff><STRONG>TURNOVER RATIO<BR></STRONG><STRONG>Average Periods</STRONG></FONT>&nbsp;</TD>

   <TD bgColor=#003365 vAlign=middle width="15%" align=center>&nbsp;<STRONG><FONT color=#ffffff>4Q11</FONT></STRONG> </TD>

   <TD bgColor=#003365 vAlign=middle width="15%" align=center>&nbsp;<STRONG><FONT color=#ffffff>1Q12</FONT></STRONG> </TD>

   <TD bgColor=#003365 vAlign=middle width="15%" align=center><FONT color=#ffffff><STRONG>Change<BR></STRONG><STRONG>1Q12 x 4Q11</STRONG></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B>Receivables</B>&nbsp;</TD>

   <TD width="15%" align=center><B>29</B>&nbsp;</TD>

   <TD width="15%" align=center><B>34</B>&nbsp;</TD>

   <TD width="15%" align=center><B>5</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B>Supplier Payment</B>&nbsp;</TD>

   <TD width="15%" align=center><B>46</B>&nbsp;</TD>

   <TD width="15%" align=center><B>44</B>&nbsp;</TD>

   <TD width="15%" align=center><B>(2)</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B>Inventory Turnover</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>103</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>87</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B>(16)</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="55%" align=left><B>Cash Conversion Cycle</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=center><B>86</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=center><B>77</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" width="15%" align=center><B>(9)</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 align=left>(*) Inventory - includes "Advances to Suppliers" and does not include "Supplies".&nbsp;</TD></TR></TABLE>

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

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 6pt 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT face=Arial,sans-serif><B><FONT style="COLOR: #ffffff; FONT-SIZE: 12pt" lang=EN-US>Results by Segment</FONT></B></FONT></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

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

<TABLE style="WIDTH: 100%; FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" 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>

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   <TD style="BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 9px; BORDER-RIGHT: #ffffff 1px solid" bgColor=#000080 width="20%" align=center><B><FONT color=#ffffff>Steel</FONT></B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 9px; BORDER-RIGHT: #ffffff 1px solid" bgColor=#000080 width="20%" align=center><B><FONT color=#ffffff>Mining</FONT></B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 1px solid" bgColor=#000080 width="20%" align=center><B><FONT color=#ffffff>Logistics</FONT></B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #ffffff 1px solid" bgColor=#000080 width="20%" align=center><B><FONT color=#ffffff>Cement</FONT></B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 8px; BORDER-RIGHT: #ffffff 1px solid" bgColor=#000080 width="20%" align=center><B><FONT color=#ffffff>Energy</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Pres. Vargas Steel Mill</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Casa de Pedra</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Railways:</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Volta Redonda</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>CSN Energia</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Porto Real</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Namisa (60%)</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>- MRS</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Arcos</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Itasa</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Paran&#225;</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Tecar</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>- Transnordestina</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD></TR>

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   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>LLC</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>ERSA</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Port:</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD></TR>

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   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Lusosider</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>- Sepetiba Tecon</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD></TR>

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   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Prada (Distribution and</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD></TR>

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   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Packaging)</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD></TR>

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   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>Metalic</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left><B>SWT</B>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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 the Company&#8217;s capacity to generate recurring operating cash flow.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>The charts below show the various segments&#8217; contribution to CSN&#8217;s overall net revenue and adjusted EBITDA:</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Net revenue by segment in 1Q12 (R$ million)</FONT></U></B></FONT><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></B></FONT></P>

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

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<P style="TEXT-ALIGN: right">Page 22 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_24"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>The Company&#8217;s consolidated results by business segment are presented below: </FONT></FONT></P>

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   <TD style="TEXT-INDENT: 13px" width="28%" align=center><B>R$</B><B>&nbsp;</B><B>million</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center><B></B></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left></TD>

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   <TD style="TEXT-INDENT: 6px" width="8%" align=right><B>1Q12</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="28%" align=left><B><FONT></FONT></B><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">Consolidated</FONT></B><FONT style="COLOR: #ffffff"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 10pt"><B>&nbsp;</B></FONT></FONT><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">Results</FONT></B><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 vAlign=middle rowSpan=3 width="1%" align=left><B><FONT><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"></FONT></B></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT></FONT></B><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">Steel</FONT></B><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 vAlign=middle rowSpan=3 width="1%" align=center><B><FONT><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"></FONT></B></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT></FONT></B><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">Mining</FONT></B><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 vAlign=middle rowSpan=3 width="1%" align=center><B><FONT><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"></FONT></B></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt" color=#ffffff>&nbsp;</FONT></B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><B>Logistics</B><B></B><BR><B>(Port)</B><B>&nbsp;</B>&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 vAlign=middle rowSpan=3 width="1%" align=center><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><STRONG><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt" color=#ffffff>Logistics</FONT></STRONG><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><BR><B>(Railways)</B><B>&nbsp;</B>&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 vAlign=middle rowSpan=3 width="1%" align=center><STRONG><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt" color=#ffffff></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT></FONT></B><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">Energy</FONT></B><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 vAlign=middle rowSpan=3 width="1%" align=center><B><FONT><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"></FONT></B></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT></FONT></B><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">Cement</FONT></B><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 vAlign=middle rowSpan=3 width="1%" align=center><B><FONT><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"></FONT></B></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><STRONG><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">Elimin./Corp</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 vAlign=middle rowSpan=3 width="1%" align=center><STRONG><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT></FONT></B><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">Consolidated</FONT></B><B><FONT></FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><B>Net</B><B>&nbsp;</B><B>Revenue</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>2,399</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>1,194</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>33</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>248</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>55</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>87</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>(120)</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>3,896</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#c0c0c0 width="28%" align=left>

   <P style="MARGIN-LEFT: 10pt">Domestic&nbsp;Market&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left>

   <P style="MARGIN-LEFT: 10pt"></P></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,935&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,382&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="28%" align=left>

   <P style="MARGIN-LEFT: 10pt">Foreign&nbsp;Market&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left>

   <P style="MARGIN-LEFT: 10pt"></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,050&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,514&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left>Cost&nbsp;of&nbsp;Goods&nbsp;Sold&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,006)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,753)&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><B>Gross</B><B>&nbsp;</B><B>Profit</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>393</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>620</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>13</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>73</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>22</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>21</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>0</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>1,143</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left>Selling,&nbsp;General&nbsp;and&nbsp;Administrative&nbsp;Expenses&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72)&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315)&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left>Depreciation&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="28%" align=left><B>Adjusted</B><B>&nbsp;</B><B>EBITDA</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>466</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>590</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>9</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>88</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>21</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>8</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>(68)</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>1,113</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left><B>Adjusted</B><B>&nbsp;</B><B>EBITDA</B><B>&nbsp;</B><B>Margin</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6px" width="8%" align=right><B>19%</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B>49%</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B>28%</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B>35%</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B>39%</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B>9%</B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 7px" width="8%" align=right><B>29%</B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="28%" align=center><B>R$</B><B>&nbsp;</B><B>million</B>&nbsp;</TD>

   <TD width="1%" align=left><B></B></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD style="TEXT-INDENT: 6px" width="8%" align=right><B>4Q11</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="28%" align=left><B><FONT></FONT></B><B><FONT style="FONT-FAMILY: Arial; COLOR: #ffffff; FONT-SIZE: 10pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt"></FONT><FONT style="COLOR: #ffffff"><B>&nbsp;</B><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Results</FONT></B><B><FONT></FONT></B></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" rowSpan=12 width="1%" align=left><B><FONT></FONT></B><BR><B></B><BR>

   <P style="MARGIN-LEFT: 10pt"></P><BR>

   <P style="MARGIN-LEFT: 10pt"></P><BR><B></B><BR><B></B><BR><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT></FONT></B><B><FONT style="COLOR: #ffffff; FONT-SIZE: 10pt">Steel</FONT></B><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" rowSpan=12 width="1%" align=left><B><FONT></FONT></B><BR><B></B><BR><B></B><BR><B></B><BR><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT></FONT></B><B><FONT style="FONT-FAMILY: Arial; COLOR: #ffffff; FONT-SIZE: 10pt">Mining</FONT></B><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" rowSpan=12 width="1%" align=left><B><FONT></FONT></B><BR><B></B><BR><B></B><BR><B></B><BR><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">&nbsp;</FONT></B><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><B>Logistics</B><B></B><BR><B>(Port)</B><B>&nbsp;</B>&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 rowSpan=12 width="1%" align=right><B><FONT></FONT></B><BR><B></B><BR><B></B><BR><B></B><BR><B></B><BR><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><STRONG><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt">Logistics</FONT></STRONG><FONT style="FONT-FAMILY: arial; COLOR: #ffffff; FONT-SIZE: 10pt"><BR><B>(Railways)</B><B>&nbsp;</B>&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 rowSpan=12 width="1%" align=right><B><FONT color=#ffffff></FONT></B><BR><B><FONT></FONT></B><BR><B></B><BR><B></B><BR><B></B><BR><B></B><BR><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT></FONT></B><B><FONT style="FONT-FAMILY: Arial; COLOR: #ffffff; FONT-SIZE: 10pt">Energy</FONT></B><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 rowSpan=12 width="1%" align=left><B><FONT></FONT></B><BR><B></B><BR><B></B><BR><B></B><BR><B></B><BR><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT></FONT></B><B><FONT style="FONT-FAMILY: Arial; COLOR: #ffffff; FONT-SIZE: 10pt">Cement</FONT></B><B><FONT></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 rowSpan=12 width="1%" align=left><B></B><BR><B></B><BR><B></B><BR><B></B><BR><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><STRONG><FONT style="FONT-FAMILY: Arial; COLOR: #ffffff; FONT-SIZE: 10pt">Elimin./Corp</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" rowSpan=11 width="1%" align=left><B><FONT></FONT></B><BR><B></B><BR><B></B><BR><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle rowSpan=3 width="8%" align=center><B><FONT></FONT></B><B><FONT style="FONT-FAMILY: Arial; COLOR: #ffffff; FONT-SIZE: 10pt">Consolidated</FONT></B><B><FONT></FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><B>Net</B><B>&nbsp;</B><B>Revenue</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>2,361</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>1,628</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>37</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>261</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>58</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>90</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>(268)</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>4,167</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#c0c0c0 width="28%" align=left>

   <P style="MARGIN-LEFT: 10pt">Domestic&nbsp;Market&nbsp;</P></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,084&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,453&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="28%" align=left>

   <P style="MARGIN-LEFT: 10pt">Foreign&nbsp;Market&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,446&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,714&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left>Cost&nbsp;of&nbsp;Goods&nbsp;Sold&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,846)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(677)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,558)&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><B>Gross</B><B>&nbsp;</B><B>Profit</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>515</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>950</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>13</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>83</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>20</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>11</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>17</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>1,608</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left>Selling,&nbsp;General&nbsp;and&nbsp;Administrative&nbsp;Expenses&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115)&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397)&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left>Depreciation&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="28%" align=left><B>Adjusted</B><B>&nbsp;</B><B>EBITDA</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>553</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>896</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>9</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>83</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>19</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>0</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>(97)</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><B>1,463</B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><B>Adjusted</B><B>&nbsp;</B><B>EBITDA</B><B>&nbsp;</B><B>Margin</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" width="8%" align=right><B>23%</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>55%</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>23%</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>32%</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>32%</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B>0%</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" width="8%" align=right><B>35%</B>&nbsp;</TD></TR></TABLE>

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

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 6pt 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT face=Arial,sans-serif><B><FONT style="COLOR: #ffffff; FONT-SIZE: 12pt" lang=EN-US>Steel</FONT></B></FONT></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Scenario </FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Automotive</FONT></U></B></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_25"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>According to ANFAVEA (the Brazilian Auto Manufacturers&#8217; Association), vehicle production totaled 739,000 units in 1Q12, 8% down on 4Q11.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Construction</FONT></U></B></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>Sinduscon (the Builders&#8217; Association) estimates growth of 5.2% for the construction sector in 2012, with the continuity of infrastructure works. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Home Appliances</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>In 1Q12, white goods sales climbed by close to 20% over the same period last year, according to retail representatives. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Distribution</FONT></U></B></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>INDA estimates distributors&#8217; sales growth of around 6% in 2012, over the 4.3 million tonnes sold in 2011.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated Sales Volume </FONT></U></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Domestic Sales Volume</FONT></U></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>Domestic sales totaled 1.0 million tonnes, in line with 4Q11 figure. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Foreign Sales Volume</FONT></U></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Prices</FONT></U></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_26"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></U></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated Net Revenue</FONT></U></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated cost of goods sold (COGS)</FONT></U></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Consolidated Adjusted EBITDA</FONT></U></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Production </FONT></U></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in">&nbsp;</P>

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<TR>

   <TD width="40%"></TD>

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

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

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

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

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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=#9accff rowSpan=3 width="40%" align=center><B>Production (in thousand t)</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#9accff vAlign=middle rowSpan=3 width="12%" align=center><B>1Q11</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#9accff vAlign=middle rowSpan=3 width="12%" align=center><B>4Q11</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#9accff vAlign=middle rowSpan=3 width="12%" align=center><B>1Q12</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#9accff vAlign=middle width="24%" colSpan=2 align=center><B>Change</B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#9accff vAlign=middle rowSpan=2 width="12%" align=center><B>1Q12 x 1Q11</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#9accff vAlign=middle rowSpan=2 width="12%" align=center><B>1Q12 x 4Q11</B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left>Crude Steel&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center>1,132&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center>1,241&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center>1,200&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center>6%&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center>-3%&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left>Total Rolled Products&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center>1,034&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center>1,227&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center>1,114&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center>8%&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center>-9%&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center></P>

<P style="MARGIN: 6pt 0in"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Production Costs (Parent Company)</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Raw Materials:</FONT></U></B></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US> reduction of R$104 million, due to the decline in production in the period. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Labor:</FONT></U></B></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US> labor costs declined by R$17 million.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Other production costs:</FONT></U></B></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US> increase of R$40 million due to the lower dilution of fixed costs.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Depreciation:</FONT></U></B></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US> increase of R$10 million due to new asset incorporations.</FONT></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

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

<P style="MARGIN: 3pt 0in 0.1in"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Scenario </FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0.1in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0.1in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0.1in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0.1in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 0in 3pt"><FONT face=arial,sans-serif><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Iron Ore Sales</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 2.85pt 3pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 2.85pt 3pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 2.85pt 3pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>The Company&#8217;s iron ore own consumption totaled 1.5 million tonnes. </FONT></FONT></P>

<P style="MARGIN: 0.1in 0in 0pt"><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>1 Sales volume includes 100% of the stake in NAMISA.</FONT></FONT></SUP></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 0in 3pt"><FONT face=arial,sans-serif><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Net Revenue</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 2.85pt 3pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 0in 3pt"><FONT face=arial,sans-serif><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Cost of goods sold (COGS)</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 2.85pt 3pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>Mining COGS came to R$574 million in 1Q12, 15% down on 4Q11, chiefly due to the reduction in sales volume. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 0in 3pt"><FONT face=arial,sans-serif><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Adjusted EBITDA</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 2.85pt 3pt 0in"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<H3 style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 6pt 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT face=Arial,sans-serif><B><FONT style="COLOR: #ffffff; FONT-SIZE: 12pt" lang=EN-US>Logistics</FONT></B></FONT><FONT style="COLOR: #ffffff"></FONT><FONT face=Arial,sans-serif><B><FONT style="COLOR: #ffffff; FONT-SIZE: 12pt" lang=EN-US> &nbsp;</FONT></B></FONT></H3></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Scenario</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0in"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Railway logistics </FONT></U></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; BACKGROUND: white"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; BACKGROUND: white"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>The ANTF estimates that rail cargo transportation will reach 522 million tonnes in 2012, 9.9% up on 2011. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; BACKGROUND: white"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><SUP><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>1 TEU (Twenty&#8208;Foot Equivalent Unit) &#8211; transportation unit equivalent to a standard 20-feet intermodal container </FONT></FONT></SUP></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0in"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Port logistics</FONT></U></B></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_28"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Analysis of Results</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Railway logistics </FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>MRS and Transnordestina&#8217;s first-quarter results had not yet been announced up to the publication of this release. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="MARGIN: 6pt 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Port logistics</FONT></U></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></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: 0in; MARGIN: 6pt 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT face=Arial,sans-serif><B><FONT style="COLOR: #ffffff; FONT-SIZE: 12pt" lang=EN-US>Cement</FONT></B></FONT></H3></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Scenario</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT><FONT face=arial,sans-serif><I><FONT style="FONT-SIZE: 9pt" lang=EN-US>Minha Casa, Minha Vida</FONT></I></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US> (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></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Analysis of Results</FONT></U></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></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: 0in; MARGIN: 6pt 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT face=Arial,sans-serif><B><FONT style="COLOR: #ffffff; FONT-SIZE: 12pt" lang=EN-US>Energy</FONT></B></FONT></H3></DIV>

<P style="MARGIN: 6pt 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Scenario </FONT></U></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>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><FONT color=black face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In comparison with 4Q11, the Brazilian consumption increased by 1.1%</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>, according to EPE (</FONT></FONT><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Brazilian Electric Power Research Company).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><FONT face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Analysis of Results</FONT></U></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_29"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 colSpan=3 align=center><B><FONT color=#ffffff>Capital Markets - CSNA3 / SID / IBOVESPA / DOW JONES</FONT></B></TD></TR>

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   <TD bgColor=#000080 align=left>&nbsp;</TD>

   <TD bgColor=#000080 align=center><B><FONT color=#ffffff>4Q11</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 align=center><B><FONT color=#ffffff>1Q12</FONT></B>&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 0pt"><B>N# of shares</B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>1,457,970,108</B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>1,457,970,108</B>&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 0pt"><B>Market Capitalization</B>&nbsp;</P></TD>

   <TD align=left>&nbsp;</TD>

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   <P style="MARGIN-LEFT: 10pt">Closing price (R$/share)&nbsp;</P></TD>

   <TD align=right>14.98&nbsp;</TD>

   <TD align=right>17.22&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 1px" align=left>

   <P style="MARGIN-LEFT: 10pt">Closing price (US$/share)&nbsp;</P></TD>

   <TD align=right>8.18&nbsp;</TD>

   <TD align=right>9.46&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 1px" align=left>

   <P style="MARGIN-LEFT: 10pt">Market Capitalization (R$ million)&nbsp;</P></TD>

   <TD align=right>21,840&nbsp;</TD>

   <TD align=right>25,106&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 10pt">Market Capitalization (US$ million)&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>11,926&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>13,792&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 0pt"><B>Total return including dividends and interest on equity</B>&nbsp;</P></TD>

   <TD align=left>&nbsp;</TD>

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   <P style="MARGIN-LEFT: 0pt">CSNA3 (%)&nbsp;</P></TD>

   <TD align=right>1%&nbsp;</TD>

   <TD align=right>15%&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 1px" align=left>

   <P style="MARGIN-LEFT: 10pt">SID (%)&nbsp;</P></TD>

   <TD align=right>3%&nbsp;</TD>

   <TD align=right>16%&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 1px" align=left>

   <P style="MARGIN-LEFT: 10pt">Ibovespa&nbsp;</P></TD>

   <TD align=right>8%&nbsp;</TD>

   <TD align=right>14%&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 10pt">Dow Jones&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>12%&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>8%&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 0pt"><B>Volume</B>&nbsp;</P></TD>

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   <P style="MARGIN-LEFT: 10pt">Average daily (thousand shares)&nbsp;</P></TD>

   <TD align=right>3,683&nbsp;</TD>

   <TD align=right>3,958&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 1px" align=left>

   <P style="MARGIN-LEFT: 10pt">Average daily (R$ Thousand)&nbsp;</P></TD>

   <TD align=right>55,214&nbsp;</TD>

   <TD align=right>70,391&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 1px" align=left>

   <P style="MARGIN-LEFT: 10pt">Average daily (thousand ADRs)&nbsp;</P></TD>

   <TD align=right>4,573&nbsp;</TD>

   <TD align=right>5,486&nbsp;</TD></TR>

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   <P style="MARGIN-LEFT: 10pt">Average daily (US$ Thousand)&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>38,626&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>55,710&nbsp;</TD></TR>

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   <TD align=left><I>Source: Econom&#225;tica</I>&nbsp;</TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>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></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_30"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(expressed in thousands of reais &#8211; R$, unless otherwise stated)</FONT></B></FONT></P>

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<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0in">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>1.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>DESCRIPTION OF BUSINESS</FONT></B></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Companhia Sider&#250;rgica Nacional is a publicly-held company incorporated on April 9, 1941, under the laws of the Federative Republic of Brazil (Companhia Sider&#250;rgica Nacional, its subsidiaries and jointly controlled entities collectively referred to herein as "CSN" or the &#8220;Company&#8221;). The Company&#8217;s registered office social is located at Avenida Brigadeiro Faria Lima, 3400 &#8211; S&#227;o Paulo, SP.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>CSN is a Company with shares listed on the S&#227;o Paulo Stock Exchange (BOVESPA) and the New York Stock Exchange (NYSE).&nbsp; Accordingly, it reports its information to the Brazilian Securities Commission (CVM) and the U.S. Securities and Exchange Commission (SEC). </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The main operating activities of CSN are divided into five (5) segments as follows: </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Steel:&nbsp;</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company&#8217;s main industrial facility is the Presidente Vargas Steel Mill (&#8220;UPV&#8221;), located in the city of Volta Redonda, State of Rio de Janeiro. This segment consolidates the operations related to the production, distribution and sale of flat steel, long steel, metallic packaging and galvanized steel. In addition to the facilities in Brazil, CSN has operations in the United States, Portugal and Germany aimed at gaining markets and performing excellent services for final consumers. Its steels are used in the home appliances, civil construction and automobile industries.&nbsp; </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Mining:&nbsp;</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The production of iron ore is developed in the city of Congonhas, in the State of Minas Gerais. It further mines tin in the State of Rond&#244;nia to supply the needs of UPV, with the excess of these raw materials being sold to subsidiaries and third parties. CSN holds a concession to operate TECAR, a solid bulk maritime terminal, of the 4 (four) terminals that form the Itagua&#237; Port, located in Rio de Janeiro. Importations of coal and coke are carried out through this terminal.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Cement:&nbsp;</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company entered the cement market boosted by the synergy between this new activity and its already existing businesses. Next to the Presidente Vargas Steel Mill in Volta Redonda (RJ), it installed a new business unit: CSN Cimentos, which produces CP-III type cement by using slag produced by the UPV blast furnaces in Volta Redonda. It also explores limestone and dolomite in Arcos in the State of Minas Gerais, to feed the needs of UPV and CSN Cement, and the surplus of such raw materials is sold to subsidiaries and third parties. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In 2011, the clinker used in manufacturing the cement was purchased from third parties, however, at the end of 2011, with the completion of the first stage of the Clinker plant in Arcos, Minas Gerais, this plant already supplied the milling needs of CSN Cimentos in Volta Redonda.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Logistics:&nbsp;</FONT></B></FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CSN has equity interests in two railroad companies: MRS Log&#237;stica, which manages the former Southeast&nbsp; Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and Transnordestina Log&#237;stica, which operates the former Northeast Network of the RFFSA in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></FONT></P>

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

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_31"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In the State of Rio de Janeiro, the Company operates the Container Terminal known as Sepetiba Tecon at the Itagua&#237; Port. Located in the Bay of Sepetiba, this port has privileged highway, railroad and maritime access.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Tecon handles the shipments of CSN steel products, movement of containers, as well as storage, consolidation and deconsolidation of cargo.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Energy:&nbsp;</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>As energy is fundamental in its production process, the Company has invested in assets for generation of electric power to guarantee its self-sufficiency. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>For further details on strategic investments in the Company&#8217;s segments, see Notes 27 - Business Segment Reporting.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>2.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: left; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt" align=left><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(a)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Basis of preparation</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The consolidated interim financial statements have been prepared and are being presented in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the corresponding standards issued by the CPC (Accounting Pronouncements Committee) and the CVM (Brazilian Securities Commission) applicable to the preparation of the financial statements. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The individual interim financial statements have been prepared in accordance with the standards issued by the CPC (Accounting Pronouncements Committee) and the CVM (Brazilian Securities Commission) applicable to the preparation of the financial statements. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The preparation of interim financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company&#8217;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated interim financial statements, are disclosed in the notes to this report and refer to the allowance for doubtful debts, provision for inventory losses, provision for labor, civil, tax, environmental and social security risks, depreciation, amortization, depletion, provision for impairment, deferred taxes, financial instruments and employee benefits. Actual results may differ from these estimates.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The interim financial statements are presented in thousands of reais (R$). Depending on the applicable IFRS standard, the measurement criterion used in preparing the interim financial statements considers the historical cost, net realizable value, fair value or recoverable amount. When both IFRSs and CPCs include the option between acquisition cost and any other measurement criterion (for example, systematic remeasurement), we used the cost criterion.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The individual and consolidated interim financial statements were approved by the Board of Directors and authorized for issue on May 10, 2012.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(b)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Consolidated interim financial statements</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The accounting policies have been consistently applied to all consolidated companies.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The consolidated interim financial statements for the period ended March 31, 2012 and the year ended December 31, 2011 include the following direct and indirect subsidiaries and jointly controlled entities, as well as the exclusive funds Diplic and Mugen:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Companies&nbsp;</FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt"><BR>Equity interestl (%) </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">12/31/2011</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Main activities </FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Direct interest: full consolidation </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Islands VII Corp. </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Financial transactions </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Islands VIII Corp. </FONT></FONT></P></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Financial transactions </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Islands IX Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Financial transactions </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Islands X Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Financial transactions </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Islands XI Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Financial transactions </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Islands XII Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Financial transactions </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Tangua Inc. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Financial transactions </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">International Investment Fund </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Equity interests and financial transactions </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Minerals S. L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>CSN Export Europe, S.L. (1) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Metals S.L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Equity interests and financial transactions </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Americas S.L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Equity interests and financial transactions </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Steel S.L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Equity interests and financial transactions </FONT></FONT></P></TD></TR>

<TR>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">99.94 </FONT></FONT></P></TD>

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<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Finance UK Ltd </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Holdings UK Ltd </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Handel GmbH (2) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions, product sales and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Companhia Brasileira de Latas (3) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">59.17 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">59.17 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Sale of cans and containers in general and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Rimet Empreendimentos Industriais e Comerciais S. A. (3) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.08 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.08 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Production and sale of steel containers and forestry </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Companhia de Embalagens Met&#225;licas MMSA (3) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.98 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.98 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Production and sale of cans and related activities </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Empresa de Embalagens Met&#225;licas - LBM Ltda. (3) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.98 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.98 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Sales of containers and holding interests in other entities </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Empresa de Embalagens Met&#225;licas - MUD Ltda. (3) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.98 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.98 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Production and sale of household appliances and related products </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Empresa de Embalagens Met&#225;licas - MTM do Nordeste (3) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.98 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.98 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Production and sale of cans and related activities </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Companhia de Embalagens Met&#225;licas - MTM (3) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.98 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">58.98 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Production and sale of cans and related activities </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Steel Comercializadora, S.L.U. (4) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions, product sales and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>CSN Steel Holdings 1, S.L.U. (4) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions, product sales and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>CSN Steel Holdings 2, S.L.U. (4) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions, product sales and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Stalhwerk Th&#252;ringen GmbH (4) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Production and sale of long steel and related activities </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>CSN Steel Sections UK Limited (4) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions, product sales and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CSN Steel Sections GmbH (4) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions, product sales and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Gallardo Sections Czech Republic s.r.o. (4) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions, product sales and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Gallardo Sections Polska Sp z.o.o. (4) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions, product sales and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Direct interest: proportionate consolidation </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%">

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Nacional Min&#233;rios S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">60.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">60.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Mining and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">It&#225; Energ&#233;tica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">48.75 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">48.75 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Generation of electric power </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">MRS Log&#237;stica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">27.27 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">27.27 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Railroad transportation </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">17.92 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">17.92 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Electric power consortium </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Aceros Del Orinoco S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">22.73 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">22.73 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Dormant company </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura (5) </FONT></FONT></P></TD>

   <TD width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">50.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">50.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Provision of services </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Indirect interest: proportionate consolidation </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Namisa International Min&#233;rios SLU </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">60.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">60.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions, product sales and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Namisa Europe, Unipessoal Lda. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">60.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">60.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Equity interests and product sales and minerals </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Aloadus Handel GmbH (2) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">60.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">60.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Financial transactions, product sales and equity interests </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">MRS Log&#237;stica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">6.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">6.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Railroad transportation </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Aceros Del Orinoco S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">9.08 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">9.08 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Dormant company </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(1)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>New corporate name of CSN Export S.&#224;.r.l., changed on August 9, 2011.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(2)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Companies acquired on November 3, 2011;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(3)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Equity interest acquired on July 12, 2011;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(4)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Companies acquired on January 31, 2012;</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_33"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(5)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Equity interest acquired on December 5, 2011.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Exclusive funds</FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt"><BR>Equity</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Exclusive funds </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">12/31/2011</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Main activities </FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Direct interest: full consolidation </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">DIPLIC - Fundo de investimento multimercado </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Investment fund </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Mugen - Fundo de investimento multimercado </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">100.00 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Investment fund </FONT></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>In preparing the consolidated interim financial statements the following consolidation procedures have been applied:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Unrealized gains on transactions with subsidiaries and jointly controlled entities are eliminated to the extent of CSN&#8217;s equity interests in the related entity in the consolidation process. Unrealized losses are eliminated in the same manner as unrealized gains, although only to the extent that there are indications of impairment. The base date of the interim financial statements of the subsidiaries and jointly controlled entities is the same as that of the Company, and their accounting policies are in line with the policies adopted by the Company.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Subsidiaries &nbsp;</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Subsidiaries are all entities (including special purpose entities) over which the Company has the power to determine the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are actually exercisable or convertible are taken into consideration when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date when control is transferred to the Company and are deconsolidated from the date when such control ceases. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Jointly controlled entities</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The financial statements of jointly controlled entities are included in the consolidated financial statements from the date when shared control starts through the date when shared control ceases to exist. Jointly controlled entities are proportionately consolidated. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Transactions and non-controlling interests</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company treats transactions with non-controlling interests as transactions with owners of Company equity. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains and losses on disposals to non-controlling interests are also recognized directly in equity, in line item &#8220;Valuation adjustments to equity&#8221;.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>When the Company no longer holds control, any retained interest in the entity is remeasured to its fair value, with the change in the carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest in an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Company had directly disposed of the related assets or liabilities. This mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(c)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Individual interim financial statements</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In the individual interim financial statements, interests in subsidiaries and jointly controlled entities are accounted for by the equity method of accounting. The same adjustments are made both to the individual interim financial statements and the consolidated interim financial statements. In the case of CSN, the accounting practices adopted in Brazil, applied to the individual interim financial statements, differ from IFRS applicable to the separate financial statements only with respect to </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>the measurement of investments in subsidiaries and associates by the equity method of accounting, which under IFRSs must be measured at cost or fair value.</FONT></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: left; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt" align=left><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(d)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Foreign currencies</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>i.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Functional and presentation currency</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Items included in the interim financial statements of each one of the Company&#8217;s subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (&#8220;functional currency&#8221;). The consolidated interim financial statements are presented in Brazilian reais (R$), which is the Company&#8217;s functional currency and the Group&#8217;s presentation currency.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>ii.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Balances and transactions</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Transactions in foreign currencies are translated into the functional currency using the exchange rates in effect at the dates of the transactions or valuation on which items are remeasured. Foreign exchange gains and losses resulting from the settlement of these transactions and from the translation at exchange rates in effect as of December 31, 2011 of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when they are recognized in equity as qualifying cash flow hedges and qualifying net investment hedges.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The asset and liability balances are translated at the exchange rate in effect at the end of the reporting period. As of March 31, 2012, US$1 is equivalent to R$1.8221 (R$1.8758 as of December 31, 2011), EUR 1 is equivalent to R$2.4300 (R$2.4342 as of December 31, 2011), and JPY 1 is equivalent to R$0.02211 (R$0.02431 as of December 31, 2011).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>All other foreign exchange gains and losses, including foreign exchange gains and losses related to loans and cash and cash equivalents, are presented in the income statement as finance income or costs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Changes in the fair value of monetary securities denominated in foreign currency, classified as available-for-sale, are segregated into translation differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Exchange differences related to changes in amortized cost are recognized in profit or loss, and other changes in the carrying amount are recognized in equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Exchange differences on non-monetary financial assets and liabilities classified as measured at fair value through profit or loss are recognized in profit or loss as part of the gain or loss on the fair value. Exchange differences on non-monetary financial assets, such as investments in shares classified as available-for-sale, are included in comprehensive income in equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>iii.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Group companies</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The results and financial position of all the Group&#8217;s entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the reporting currency are translated into the reporting currency as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Assets and liabilities in each balance sheet presented have been translated at the exchange rate at the end of the reporting period;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Income and expenses of each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates in effect at the transaction dates, in which case income and expenses are translated at the rate in effect at the transaction dates); and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>All resulting exchange differences are recognized as a separate component in other comprehensive income.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>On consolidation, exchange differences resulting from the translation of monetary items with characteristics of net investment in foreign operations are recognized in equity.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>When a foreign operation is partly disposed of or sold, exchange differences </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>previously recorded in other comprehensive income are recognized in the income statement as part of the gain or loss on sale.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_35"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(e)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Cash and cash equivalents</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Cash and cash equivalents include cash on hand and in banks and other short-term highly liquid investments redeemable within 90 days from the end of the reporting period, readily convertible into a known amount of cash and subject to an insignificant risk of change in value. Certificates of deposit that can be redeemed at any time without penalties are considered as cash equivalents. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(f)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Trade receivables</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Trade receivables are initially recognized at fair value, including the related taxes and expenses. Foreign currency-denominated trade receivables are adjusted at the exchange rate in effect at the end of the reporting period.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The allowance for doubtful debts was recognized in an amount considered sufficient to cover any losses.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Management&#8217;s assessment takes into consideration the customer&#8217;s history and financial position, as well as the opinion of our legal counsel regarding the collection of these receivables for recognizing the allowance.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(g)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Inventories&nbsp;</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method on the acquisition of raw materials. The costs of finished products and work in process comprise raw materials, labor and other direct costs (based on the normal production capacity). Net realizable value represents the estimated selling price in the normal course of business, less estimated costs of completion and costs necessary to make the sale.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Losses for slow-moving or obsolete inventories are recognized when considered appropriate.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Stockpiled inventories are accounted for as processed when removed from the mine.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&nbsp; &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The cost of finished products comprises all direct costs necessary to transform stockpiled inventories into finished products.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(h)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Investments&nbsp;</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Investments in subsidiaries, jointly controlled entities and associates are accounted for by the equity method of accounting and are initially recognized at cost. The gains or losses are recognized in profit or loss as operating revenue (or expenses) in the individual interim financial statements. In the case of foreign exchange differences arising on translating foreign investments that have a functional currency different from the Company&#8217;s, changes in investments due exclusively to foreign exchange differences, as well as adjustments to pension plans and available-for-sale investments that impact the subsidiaries&#8217; equity, are recognized in line item &#8220;Cumulative translation adjustments&#8221;, in the Company&#8217;s equity, and are only recognized in profit or loss when the investment is disposed of or written off due to impairment loss. Other investments are recognized and maintained at cost or fair value.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>When necessary, the accounting policies of subsidiaries and jointly controlled entities are changed to ensure consistency and uniformity of criteria with the policies adopted by the Company.</FONT></FONT></P>

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

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(i)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Business combination</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The acquisition method is used to account for each business combination conducted by the Company.</FONT></FONT><FONT color=#181619 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The consideration transferred for acquiring a subsidiary is the fair value of the assets transferred, liabilities incurred and equity instruments issued by the Company.</FONT></FONT><FONT color=#181619 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement, where applicable.</FONT></FONT><FONT color=#181619 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Acquisition-related costs are recognized in profit or loss, as incurred.</FONT></FONT><FONT color=#181619 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Identifiable assets acquired and liabilities assumed in a business combination are initially measured at their fair values at the acquisition date.</FONT></FONT><FONT color=#181619 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company recognizes non-controlling interests in the acquiree according to the proportional non-controlling interest held in the fair value of the acquiree&#8217;s new assets (see note 3).</FONT></FONT><FONT color=#181619 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

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

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_36"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(j)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Property, plant and equipment</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Property, plant and equipment are carried at cost of acquisition, formation or construction, less accumulated depreciation or depletion and any impairment loss. Depreciation is calculated under the straight-line method based on the remaining economic useful economic lives of assets, as mentioned in note 12. The depletion of mines is calculated based on the quantity of ore mined. Land is not depreciated since it is useful life is considered indefinite. However, if the tangible assets are mine-specific, they are depreciated over the economic useful lives for such assets. The Company recognizes in the carrying amount of property, plant and equipment the cost of replacement, reducing the carrying amount of the part that it is replacing if it is probable that future economic benefits embodied therein will revert to the Company, and if the cost of the asset can be reliably measured. All other disbursements are expensed as incurred. Borrowing costs related to funds obtained for construction in progress are capitalized until these projects are completed. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>If some components of property, plant and equipment have different useful lives, these components are separately recognized as property, plant and equipment items.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Gains and losses on disposal are determined by comparing the sale value less the residual value and are recognized in &#8216;Other operating income (expenses)&#8217;.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Mineral rights acquired are classified as other assets in property, plant and equipment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Exploration expenditures are recognized as expenses until the viability of mining activities is established; after this period subsequent development costs are capitalized. Exploration and valuation expenditures include:</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Research and analysis of exploration area historical data;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Topographic, geological, geochemical and geophysical studies;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Determine the mineral asset&#8217;s volume and quality/ grade of deposits;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Examine and test the extraction processes and methods;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Topographic surveys of transportation and infrastructure needs;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Market studies and financial studies.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The costs for the development of new mineral deposits or capacity expansion in mines in operations are capitalized and amortized using the produced (extracted) units method based on the probable and proven ore quantities. </FONT></FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The development stage includes:</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Drillings to define the ore body;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Access and draining plans;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Advance removal of overburden (top soil and waste material removed prior to initial mining of the ore body) and waste material (non-economic material that is intermingled with the ore body).</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Stripping costs (the costs associated with the removal of overburdened and other waste materials) incurred during the development of a mine, before production commences, are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently amortized over the useful life of the mine based on proven and probable reserves. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Post-production stripping costs are included in the cost of the inventory produced (that is extracted), at each mine individually during the period that stripping costs are incurred.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company holds spare parts that will be used to replace parts of property, plant and equipment and that will increase the asset&#8217;s useful life and the useful life of which exceeds 12 months.&nbsp; These parts are classified in property, plant and equipment and not in inventories.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(k)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Intangible assets</FONT></B></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_37"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Intangible assets comprise assets acquired from third parties, including through business combinations and/or those internally generated. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>These assets are recognized at cost of acquisition or formation, less amortization calculated on a straight-line basis based on the exploration or recovery periods.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Intangible assets with indefinite useful lives and goodwill based on expected future profitability are not amortized.&nbsp; </FONT></FONT></P>

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

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Goodwill &nbsp;</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Goodwill represents the positive difference between the amount paid and/or payable for the acquisition of a business and the net fair values of the assets and liabilities of the acquiree. Goodwill on acquisitions of subsidiaries is recognized as &#8216;Intangible assets&#8217; in the consolidated financial statements. In the individual balance sheet, goodwill is included in investments. Negative goodwill is recognized as a gain in profit for the period at the acquisition date. Goodwill is annually tested for impairment. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of a Cash-Generating Unit (CGU) include the carrying amount of goodwill related to the CGU sold.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Goodwill is allocated to CGUs for impairment testing purposes. The allocation is made to Cash-Generating Units or groups of Cash-Generating Units that are expected to benefit from the business combination from which the goodwill arose, and the unit is not greater than the operating segment.</FONT></FONT></P>

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

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Software&nbsp;</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0in 14.2pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Software licenses purchased are capitalized based on the costs incurred to purchase the software and make it ready for use. These costs are amortized on a straight-line basis over the estimated economic useful lives of 1 to 5 years.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(l)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Impairment of non-financial assets </FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Assets with infinite useful lives, such as goodwill, are not subject to amortization and are annually tested for impairment. Assets subject to amortization are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognized at the amount by which the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the fair value of an asset less costs to sell and its value in use. For impairment testing purposes, assets are grouped at their lowest levels for which there are separately identifiable cash flows (Cash Generating Units - CGUs). Non-financial assets, except goodwill, that are considered impaired are subsequently reviewed for possible reversal of the impairment at the reporting date.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(m)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Employee benefits</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>i.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Employee benefits</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0in 24pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Defined contribution plans </FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>A defined contribution plan is as a post-employment benefit plan whereby an entity pays fixed contributions to a separate entity (pension fund) and will not have any legal or constructive obligation to pay additional amounts.</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Obligations for contributions to defined contribution pension plans are recognized as employee benefit expenses in the income statement for the periods during which services are provided by employees.</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Contributions paid in advance are recognized as an asset on condition that either cash reimbursement or reduction in future payments is available.</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Contributions to a defined contribution plan that is expected to mature twelve (12) months after the end of the period in which the employee provides services are discounted to their present values.</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&nbsp; &nbsp;</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Defined benefit plans</FONT></B></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_38"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>A defined benefit plan is a post-employment benefit plan other than a defined contribution plan.&nbsp; The Company&#8217;s net obligation regarding defined pension benefit plans is calculated individually for each plan by estimating the value of the future benefit that the employees accrue as return for services provided in the current period and in prior periods; such benefit is discounted to its present value.&nbsp; Any unrecognized costs of past services and the fair values of any plan assets are deducted.&nbsp; The discount rate is the yield presented at the end of the reporting period for top line debt securities whose maturity dates approximate the terms and conditions of the Company&#8217;s obligations and which are denominated in the same currency as the one in which it is expected that the benefits will be paid.&nbsp; The calculation is made annually by a qualified actuary using the projected unit credit method.&nbsp; When the calculation results in a benefit for the Company, the asset to be recognized is limited to the total amount of any unrecognized costs of past services and the present value of the economic benefits available in the form of future plan reimbursements or reduction in future contributions to the plan.&nbsp; In calculating the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any Company plan. An economic benefit is available to the Company if it is realizable during the life of the plan or upon settlement of the plan&#8217;s liabilities.&nbsp; </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company and some of its subsidiaries offered a postretirement healthcare benefit to its employees. The right to these benefits is usually contingent to their remaining in employment until the retirement age and the completion of the minimum length of service. The expected costs of these benefits are accumulated during the employment period, and were calculated using the same accounting method used for defined benefit pension plans. These obligations are annually evaluated by qualified independent actuaries.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>When the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized on a straight-line basis over the average period until the benefits become vested. When the benefits become immediately vested, the expense is recognized in profit or loss.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company has chosen to recognize all the actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income and only registered in income statement if the plan is extinguished.&nbsp; </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>ii.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Profit sharing and bonus</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Employee profit sharing and executives&#8217; variable compensation are linked to the achievement of operating and financial targets.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company recognizes a liability and an expense substantially allocated to production cost and, where applicable, to general and administrative expenses when such goals are met.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(n)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Provisions&nbsp;</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Provisions are recognized when: (i) the Company has a present legal or constructive obligation as a result of past events, (ii) it is probable that an outflow of resources will be required to settle a present obligation, and (iii) the amount can be reliably measured.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Provisions are determined discounting the expected future cash flows based on a pre-tax discount rate that reflects current market assessments of the time value of money and, where appropriate, the specific risks of the liability.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&nbsp; &nbsp;</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(o)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Concessions&nbsp;</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company has government concessions and their payments are classified as operating leases.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(p)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Share capital </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Common shares are classified in equity.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds, net of taxes.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>When any Group company buys Company shares (treasury shares), the amount paid, including any directly attributable additional costs (net of income tax), is deducted from equity attributable to owners of the Company until the shares are </FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>canceled or reissued.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>When these shares are subsequently reissued, any amount received, net of any directly attributable additional transaction costs and the related income tax and social contribution effects, is included in equity attributable to owners of the Company.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_39"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(q)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Revenue recognition</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Operating revenue from the sale of goods in the normal course of business is measured at the fair value of the consideration received or receivable. Revenue is recognized when there is convincing evidence that the most significant risks and rewards of ownership of goods have been transferred to the buyer, it is probable that future economic benefits will flow to the entity, the associated costs and possible return of goods can be reliably estimated, there is no continued involvement with the goods sold, and the amount of the operating revenue can be reliably measured. If it is probable that discounts will be granted and the value thereof can be reliably measured, then the discount is recognized as a reduction of the operating revenue as sales are recognized. Revenue from services provided is recognized as it is realized.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The appropriate timing for transfer of risks and rewards varies depending on the individual terms and conditions of the sales contract. For international sales, this timing depends on the type of term of the contract.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(r)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Finance income and finance costs</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=blue face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Finance income includes interest income from funds invested (including available-for-sale financial assets), dividend income (except for dividends received from investees accounted for under the equity method in Company), gains on disposal of available-for-sale financial assets, changes in the fair value of financial assets measured at fair value through profit or loss, and gains on hedging instruments that are recognized in profit or loss. Interest income is recognized in profit or loss under the effective interest method. Dividend income is recognized in profit or loss when the Company&#8217;s right to receive payment has been established. &nbsp;Distributions received from investees accounted for by the equity method reduce the investment value. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Finance costs comprise interest expenses on borrowings, net of the discount to present value of the provisions, dividends on preferred shares classified as liabilities, losses in the fair value of financial instruments measured at fair value through profit or loss, impairment losses recognized in financial assets, and losses on hedging instruments that are recognized in profit or loss. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are measured through profit or loss under the effective interest method. </FONT></FONT></P>

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<P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Foreign exchange gains and losses are reported on a net basis.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(s)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Income tax and social contribution</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Current and deferred income tax and social contribution are calculated based on the tax law enacted or substantially enacted by the end of the reporting period, including in the countries where the Group entities operate and generate taxable profit. Management periodically assesses the positions assumed in the tax calculations with respect to situations where applicable tax regulations are open to interpretations. The Company recognizes provisions, when appropriate, based on the estimated payments to tax authorities.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The income tax and social contribution expense comprises current and deferred taxes.&nbsp; The current and deferred taxes are recognized in profit or loss unless they are related to business combinations or items directly recognized in equity.&nbsp; </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Current tax is the expected tax payable or receivable on taxable profit or loss for the period at tax rates that have been enacted or substantially enacted by the end of the reporting period and any adjustment to taxes payable in relation to prior years.&nbsp; </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.&nbsp; Deferred tax is not recognized for the following temporary differences: initial recognition of assets and liabilities in a transaction that is not a business combination </FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>and does not affect either the accounting or taxable profit or loss, and differences associated with investments in subsidiaries and controlled entities when it is probable that they will not reverse in the foreseeable future. Moreover, a deferred tax liability is not recognized for taxable temporary differences resulting in the initial recognition of goodwill. The deferred tax is measured at the rates that are expected to be applied on temporary differences when they reverse, based on the laws that have been enacted or substantially enacted by the end of the reporting period.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_40"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Current income tax and social contribution are carried at their net amounts by the taxpayer, in liabilities when there amounts payable or in assets when prepaid amounts exceed the total amount due at the end of the reporting period.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on the same entity subject to taxation. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>A deferred income tax and social contribution asset is recognized for all tax losses, tax credits, and temporary differences to the extent that it is probable that taxable profits will be available against which those tax losses, tax credits, and deductible temporary differences can be utilized.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Deferred income tax and social contribution assets are reviewed at the end of each reporting period and reduced to the extent that their realization is no longer probable. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(t)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Earnings per share </FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Basic earnings per share are calculated by means of the profit for the period attributable to owners of the Company and the weighted average number of common shares outstanding in the related period.</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Diluted earnings per share are calculated by means of the average number of shares outstanding, adjusted by instruments potentially convertible into shares, with diluting effect, in the reported periods.</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company does not have any instruments potentially convertible into shares and, accordingly, diluted earnings per share are equal to basic earnings per share.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(u)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Environmental and restoration costs </FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company recognizes a provision for the costs of recovery of areas and fines when a loss is probable and the amounts of the related costs can be reliably measured.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Generally, the period for providing for the amount to be used in recovery coincides with the end of a feasibility study or the commitment to adopt a formal action plan.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Expenses related to compliance with environmental regulations are charged to profit or loss or capitalized, as appropriate.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Capitalization is considered appropriate when the expenses refer to items that will continue to benefit the Company and that are basically related to the acquisition and installation of equipment to control and/or prevent pollution.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(v)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Research and development </FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>All these costs are recognized in the income statement when incurred, except when they meet the criteria for capitalization.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Expenditures on research and development of new products for the period ended March 31, </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>2012 </FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>amounted to R$</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>1,342 </FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(R$</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>1,312 </FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>for the period ended March 31, 2011).</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(w)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Financial instruments </FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>i)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Financial assets </FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Financial assets are classified into the following categories: measured at fair value through profit or loss, loans and receivables, held-to-maturity, and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at the time of initial recognition.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Financial assets at fair value through profit or loss</FONT></B></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_41"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Financial assets at fair value through profit or loss are financial assets held for active and frequent trading. Derivatives are also categorized as held for trading and, accordingly, are classified in this category unless they have been designated as cash flow hedging instruments. Assets in this category are classified in current assets. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Loans and receivables</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>This category includes loans and receivables that are non-derivative financial assets with fixed or determinable payments not quoted in an active market. They are included in current assets, except those with maturity of more than 12 months after the end of the reporting period (which are classified as non-current assets). Loans and receivables include loans to associates, trade receivables and cash and cash equivalents, except short-term investments. Cash and cash equivalents are recognized at fair value.&nbsp; Loans and receivables are carried at amortized cost using the effective interest method.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Held-to-maturity assets</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>These are basically financial assets acquired with the positive intent and ability to hold to maturity.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Held-to-maturity investments are initially recognized at their value plus any directly attributable transaction costs.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Subsequent to initial recognition, they are measured at amortized cost using the effective interest method, less any impairment loss.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Available-for-sale financial assets</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>These are non-derivative financial assets, designated as available-for-sale, that are not classified in any other category.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>They are included in non-current assets when they are strategic investments of the Company, unless Management intends to dispose of the investment within up to 12 months from the end of the reporting period.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Available-for-sale financial assets are recognized at fair value.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Recognition and measurement</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Regular purchases and sales of financial assets are recognized at the trading date - the date on which the Company undertakes to buy or sell the asset. Investments are initially recognized at their fair value, plus transaction costs for all financial assets not classified as at fair value through profit or loss. Financial assets at fair value through profit or loss are initially recognized at their fair value and the transaction costs are charged to the income statement. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred, in the latter case, provided that the Company has transferred significantly all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are carried at amortized cost using the effective interest method.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Gains or losses resulting from changes in the fair value of financial assets at fair value through profit or loss are presented in the income statement under &#8220;finance income&#8221; in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the income statement as part of other finance income when the Company&#8217;s right to receive the dividends has been established.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Changes in the fair value of monetary securities denominated in a foreign currency and classified as available-for-sale are segregated into translation differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Exchange differences on monetary securities are recognized in profit or loss, while exchange differences on non-monetary securities are recognized in equity. Changes in the fair value of monetary and non-monetary securities classified as available-for-sale are recognized in other comprehensive income and are only recognized in profit or loss when the investment is sold or written off as a loss.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Interest on available-for-sale securities, calculated under the effective interest method, is recognized in the income statement as part of other income. Dividends from available-for-sale equity instruments, such as shares, are recognized in the income statement as part of other finance income when the Company&#8217;s right to receive payments has been established.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_42"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The fair values of publicly quoted investments are based on current purchase prices. If the market for a financial asset (and for instruments not listed on a stock exchange) is not active, the Company establishes the fair value by using valuation techniques. These techniques include the use of recent transactions contracted with third parties, reference to other instruments that are substantially similar, analysis of discounted cash flows, and pricing models that make maximum use of market inputs and relies as little as possible on entity-specific inputs.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>ii)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of financial assets</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Assets measured at amortized cost</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a &#8220;loss event&#8221;) and such loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The criteria used by CSN to determine whether there is objective evidence of an impairment loss include:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT color=#231f20 face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT color=#231f20 face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>significant financial difficulty of the issuer or counterparty;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT color=#231f20 face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT color=#231f20 face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>a breach of contract, such as default or delinquency in interest or principal payments;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT color=#231f20 face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT color=#231f20 face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>the issuer, for economic or legal reasons relating to the borrower&#8217;s financial difficulty, grants to the borrower a concession that the lender would not otherwise consider;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT color=#231f20 face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT color=#231f20 face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>it becoming probable that the borrower will enter bankruptcy or other financial reorganization;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT color=#231f20 face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT color=#231f20 face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>the disappearance of an active market for that financial asset because of financial difficulties; or</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT color=#231f20 face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT color=#231f20 face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of such assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>- </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>adverse changes in the payment status of borrowers in the portfolio;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>- </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>national or local economic conditions that correlate with defaults on the assets in the portfolio.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The amount of the loss is measured as the difference between the carrying amount of the asset and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the original effective interest rate of the financial asset.</FONT></FONT><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The carrying amount of the asset is reduced and the amount of the loss is recognized in the income statement.</FONT></FONT><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>If a loan or held-to-maturity investment has a variable interest rate, the discount rate to measure an impairment loss is the current effective interest rate determined pursuant to the contract.</FONT></FONT><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>As a practical expedient, the Company may measure impairment on the basis of an instrument&#8217;s fair value using an observable market price.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor&#8217;s credit rating), the previously recognized impairment loss is reversed and recognized in the consolidated income statement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Assets classified as available-for-sale</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>In the case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of an investment in an equity instrument below its cost is also objective evidence of impairment. Determining what is considered a &#8220;significant&#8221; or &#8220;prolonged&#8221; decline requires judgment.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>For this judgment we assess, among other factors, the historical </FONT></FONT><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>changes in the equity prices, the duration and proportion in which the fair value of the investment is lower than its cost, and the financial health and short-term prospects of the business for the investee, including factors such as: industry and segment performance, changes in technology, and operating and financial cash flows.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>If there is any of this evidence of impairment of available-for-sale financial assets, the cumulative loss&#8212;measured as the difference between the acquisition cost and the current fair value, less any impairment loss on the financial asset previously recorded in profit or loss&#8212;is reclassified from equity and recognized in the income statement. If, in a subsequent period, the fair value of a debt instrument classified as available-for-sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss, the impairment loss is reversed through the income statement.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_43"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>CSN tested for impairment its available-for-sale investment in Usiminas shares (see note 15). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>iii)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Financial liabilities</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Financial liabilities are classified into the following categories: measured at fair value through profit or loss and other financial liabilities. Management determines the classification of its financial liabilities at the time of initial recognition.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Financial liabilities at fair value through profit or loss</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Financial liabilities at fair value through profit or loss are financial liabilities held for trading or designated as at fair value through profit or loss.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Derivatives are also classified as trading securities, unless they have been designated as effective hedging instruments.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Other financial liabilities</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Other financial liabilities are measured at amortized cost using the effective interest method.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company holds the following non-derivative financial liabilities: borrowings, financing and debentures, and trade payables.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Offsetting financial instruments</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to set off recognized amounts and the intention to either settle them on a net basis or to realize the asset and settle the liability simultaneously.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>iv)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Derivative instruments and hedging activities</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Derivatives measured at fair value through profit or loss</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Certain derivative instruments do not qualify for hedge accounting.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Changes in the fair value of any of these derivative instruments are immediately recognized in the income statement under &#8220;Other gains (losses), net&#8221;.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=#231f20 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Even though the Company uses derivatives for hedging purposes, it does not apply hedge accounting.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Foreign exchange gains or losses on foreign operations</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Any gain or loss on the instrument related to the effective portion is recognized in equity. The gain or loss related to the ineffective portion is immediately recognized in the income statement under &#8220;Other gains (losses), net&#8221;.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Gains and losses accumulated in equity are included in the income statement when the foreign operation is partially disposed of or sold.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(x)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Segment information</FONT></B></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_44"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>An operating segment is a component of the Group committed to the business activities from which it can obtain revenues and incur expenses, including revenues and expenses related to transactions with any other components of the Group.</FONT></FONT><FONT color=#181619 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>All the operating results of operating segments are reviewed regularly by the Executive Officers of CSN to make decisions regarding funds to be allocated to the segment and assessment of its performance, and for which there is distinct financial information available (see note 27).</FONT></FONT></P>

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<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(y)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Government grants</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received, when they will be recognized in profit or loss on a systematic basis over the periods in which the Company recognizes as expenses the related costs the grants are intended to compensate.</FONT></FONT><FONT color=#181619 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company has state tax incentives in the North and Northeast regions that are recognized in profit or loss as a reduction of the corresponding costs, expenses and taxes.</FONT></FONT></P>

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<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(z)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>New standards and interpretations issued and not yet adopted</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=#181619 face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The information on the recently issued accounting standards and interpretations did not change significantly as compared to the one disclosed in note 2 to the financial statements for the year ended December 31, 2011.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>3.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>BUSINESS COMBINATION</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=PT-BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR>Acquisition of Companhia Brasileira de Latas (&#8220;CBL&#8221;)</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>On July 12, 2011, CSN conducted, through its wholly-owned subsidiary &#8220;Prada&#8221;, a capital increase in Companhia Brasileira de Latas (&#8220;CBL&#8221;) through the capitalization of receivables. As a result, the Company became the holder of CBL&#8217;s control, with an equity interest equivalent to 59.17% of its voting capital, represented by 784,055,451 common shares (&#8220;Acquisition&#8221;).</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The acquisition of CBL&#8217;s control will generate operating and administrative synergies that will result in a decrease in production costs, logistics costs, and administrative costs. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>As mentioned in note 2(i), the acquisition method was used to account for identifiable assets acquired, liabilities assumed, and non-controlling interests. Non-controlling interests in CBL equivalent to 40.83% were proportionately determined, based on the fair value of identifiable assets acquired and liabilities assumed. Some of the non-controlling shareholders are in the corporate structure of CSN&#8217;s parent group.</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The purchase price of R$43,316 was allocated between identified assets acquired and liabilities assumed, measured at fair value.</FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The asset and liability identification process considered the intangible assets that were not recognized in the acquirees&#8217; books. The transaction costs are represented by consulting services and lawyers&#8217; fees totaling R$485, which have been allocated to profit or loss as incurred.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The tables below show the allocation of identifiable assets acquired and liabilities assumed recognized at the acquisition date, the purchase price considered on the acquisition of CBL&#8217;s control, and the calculation of the resulting goodwill. </FONT></FONT></P>

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

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

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Carrying amounts </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Fair value adjustments </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Total fair value </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Assets acquired and liabilities assumed </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Current assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">62,182 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(7,465)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">54,717 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Non-current assets (*) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">44,718 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">89,449 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">134,167 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Current liabilities </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(144,225)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">10,522 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(133,703)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Non-current liabilities (**) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(567,469)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">351,035 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(216,434)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>Total assets acquired and liabilities assumed</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(604,794)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">443,541 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(161,253)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(*) Comprising mainly the fair value adjustment to property, plant and equipment amounting to R$90,572. Total fair value of property, plant and equipment was measured at R$123,518.</FONT></FONT></P>

<DIV>

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

<P style="TEXT-ALIGN: right">Page 43 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_45"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<DIV align=left>&nbsp;</DIV></DIV>

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(**) Comprising mainly the fair value adjustment to receivables from CSN amounting to R$388,640.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The fair value adjustments made based on the corporate balance sheet to prepare the opening balance sheet were adjusted after the completion of the valuation report in December 2011. </FONT></FONT></P>

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

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="85%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Goodwill arising on acquisition </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="85%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%">

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(-) Book value of CBL </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(604,794)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>(+) Fair value assets acquired and liabilities assumed </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">443,541 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US>(=) Total fair value of assets acquired and liabilities assumed </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">(161,253)</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="85%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Purchase price considered </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">43,316 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="85%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="85%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">Goodwill arising on acquisition </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt">204,569 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Goodwill arising on the acquisition comprises mainly the expected synergies generated by the business combination of Prada Embalagens with CBL. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The business combination with Companhia Brasileira de Latas, which took place on July 12, 2011, is under review of Conselho Administrativo de Defesa Econ&#244;mica, or CADE (Brazilian antitrust agency).</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Acquisition of Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;) and Gallardo Sections</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>On January 31, 2012, through its wholly-owned subsidiary </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>CSN Steel S.L., CSN completed the acquisition of all the shares (&#8220;Shares&#8221;) of the Spanish companies (a) Dankerena Guip&#250;zcoa, S.L. (currently named CSN Steel Holdings 2, S.L.U.) and Grupo Alfonso Gallardo Th&#252;ringen, S.L.U. (currently named CSN Steel Holdings 1, S.L.U.), holding companies that together hold 100% of the capital of the German company Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;), a producer of long steel located in Unterwellenborn, Germany, specialized in the production of shapes and with installed capacity of 1.1 million metric tons of steel/year; and (b) Gallardo Sections S.L.U. (currently named CSN Steel Comercializadora, S.L.U.), a trader of SWT products, all previously held by Grupo Alfonso Gallardo, S.L.U. (&#8220;AG Group&#8221;).</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The acquisition of SWT helped CSN to strengthen its role in the long steel segment, by strengthening its portfolio of world class assets.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>As mentioned in note 2(i), the acquisition method was used to account for identifiable assets acquired and liabilities assumed.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The purchase price of R$300,545 (&#8364;130,939) was allocated between identified assets acquired and liabilities assumed, measured at fair value. In the purchase price identification process, the Company considered the adjustments presented below and the starting point was the transaction amount of R$1,107,482 (&#8364;482,500):</FONT></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD width="85%" noWrap>&nbsp;</TD>

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

   <TD width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amounts in R$ </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" width="85%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Transaction amount </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>

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

   <TD style="BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,107,482 </FONT></FONT></P></TD></TR>

<TR>

   <TD width="85%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Net debt </FONT></FONT></P></TD>

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

   <TD width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(860,743)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" width="85%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Provisions </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>

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

   <TD style="BACKGROUND: #f2f2f2" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(11,833)</FONT></FONT></P></TD></TR>

<TR>

   <TD width="85%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Tax credits </FONT></FONT></P></TD>

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

   <TD width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,555 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" width="85%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Working capital </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>

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

   <TD style="BACKGROUND: #f2f2f2" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">52,084 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="85%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(=) Purchase price considered </FONT></B></FONT></P></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">300,545 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The purchase price adjustments considered are preliminary and can be changed after the completion of the due diligence</FONT></FONT><FONT face=Arial,sans-serif><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></I></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>process</FONT></FONT><FONT face=Arial,sans-serif><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>.&nbsp;</FONT></I></FONT></P>

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

<DIV>

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

<P style="TEXT-ALIGN: right">Page 44 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_46"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

<DIV>

<DIV align=left>

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



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>The transaction costs are represented by consulting services and lawyers&#8217; fees totaling R$18,895, which have been included in the income statement, in general and administrative expenses, as incurred.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The tables below show the allocation of identifiable assets acquired and liabilities assumed recognized at the acquisition date, the purchase price considered in the acquisition of control of SWT and Gallardo Sections, and the calculation of the resulting goodwill. </FONT></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Carrying amounts </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value adjustments </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total fair value </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Assets acquired </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Current assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">402,121 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,536 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">404,657 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Non-current assets (*) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">192,788 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">731,161 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">923,949 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Current liabilities </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(263,338)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(263,338)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Non-current liabilities (**) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(846,175)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(110,055)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(956,230)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total assets acquired</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(514,604)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">623,642 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">109,038 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(*) Comprising mainly the fair value adjustment to property, plant and equipment.<BR></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>(**) Refers to the deferred income tax on fair value adjustments.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>The fair value adjustments made based on the corporate balance sheet to prepare the opening balance sheet are preliminary and can be changed after the completion of the valuation report estimated for the second half of 2012. </FONT></FONT></P>

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

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

<DIV align=left>

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



<TR>

   <TD vAlign=bottom width="83%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Goodwill arising on acquisition </FONT></B></FONT></P></TD>

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

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

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="83%" noWrap>

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

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="15%">

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

<TR>

   <TD style="BACKGROUND: #f2f2f2" width="83%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(+) Purchase price considered </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>

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

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">300,545&nbsp;&nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD width="83%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>(-) Fair value assets acquired and liabilities assumed </FONT></FONT></P></TD>

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

   <TD width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">109,038 &nbsp;</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" width="83%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(=) Goodwill arising on acquisition </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">191,507&nbsp;&nbsp;</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Goodwill arising on the acquisition was mainly based on expected future earnings, as described in note 13. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>4.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>RELATED-PARTY BALANCES AND TRANSACTIONS</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>a)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Transactions with Holding Company</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Vicunha Siderurgia S.A. is a holding company set up for the purpose of holding equity interests in other companies and is the Company&#8217;s main shareholder, with 47.86% of the voting shares.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR>Rio Iaco Participa&#231;&#245;es S.A. holds 3.99% </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR>of </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR>CSN.&nbsp;</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Liabilities&nbsp;</FONT></B></FONT></P>

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

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

<DIV align=left>

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



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Mandatory minimum dividend </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Additional dividend proposed</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Interest on capital proposed </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Dividends </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Interest on capital </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Vicunha Siderurgia </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">443,386 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">130,881 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">56,561 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">630,828 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" align=right>

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

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Rio Iaco </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">36,981 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,916 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,717 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">52,614 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" align=right>

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

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">480,367 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">141,797 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">61,278 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">683,442 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

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

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">480,367 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">141,797 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">622,164 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">777,706 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">184,987 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Vicunha Siderurgia&#8217;s corporate structure is as follows (information not reviewed):</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR>Vicunha A&#231;os S.A. &#8211; holds 99.99% of Vicunha Siderurgia S.A.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Vicunha Steel S.A. &#8211; holds 66.96% of Vicunha A&#231;os S.A.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>National Steel S.A. &#8211; holds 33.04% of Vicunha A&#231;os S.A.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CFL Participa&#231;&#245;es S.A. &#8211; holds 40% of National Steel S.A. and 39.99% of Vicunha Steel S.A.</FONT></FONT></P>

<DIV>

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

<P style="TEXT-ALIGN: right">Page 45 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_47"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

<DIV>

<DIV align=left>

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



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Rio Purus Participa&#231;&#245;es S.A. &#8211; holds 60% of National Steel S.A., 59.99% of Vicunha Steel S.A. and 99.99% of Rio Iaco Participa&#231;&#245;es S.A.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>b)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Transactions with subsidiaries and exclusive funds</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Assets&nbsp;</FONT></B></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade receivables </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Short-term and other investments (1) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Intercompany<BR>loans (2) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Dividends<BR>receivable </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Advance for future capital increase </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Derivative financial instruments (3) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Islands VIII Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">250,724 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">250,724 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Portugal, Unipessoal Lda. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">890,481 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">890,481 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Europe Lda. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">717,994 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">717,994 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>CSN Export Europe, S.L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">46,906 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">46,906 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Lusosider A&#231;os Planos, S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">37,375 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">37,375 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Handel GmbH </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">159,844 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">159,844 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Ib&#233;ria Lda. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">62,152 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">62,152 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="30%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companhia Metal&#250;rgica Prada </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">217,503 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">21,500 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">239,003 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Cimentos S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,743 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">34,825 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">48,568 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Transnordestina Log&#237;stica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">74,091 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">179,891 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">253,985 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Florestal Nacional S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">166,141 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,327 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">174,468 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Sepetiba Tecon S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">26 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,840 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,866 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Energia S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,000 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Estanho de Rond&#244;nia S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,625 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,625 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fundos Exclusivos </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,117,827 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,117,827 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Minera&#231;&#227;o Nacional S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companhia Brasileira de Latas </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">62,316 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">62,316 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,208,343 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,117,827 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">240,232 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,485 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">247,543 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">250,724 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,077,154 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,989,352 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,345,088 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">239,885 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">14,045 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">49,206 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">374,455 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,012,031 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(1) The short-term investments and the investments in exclusive funds are managed by Banco BTG Pactual. Short-term investments total R$957,286 and investments in Usiminas shares total R$160,541, both classified as available-for-sale investments.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(2) Transnordestina - R$ contracts: interest equivalent to 101.5% to 102.5% of the interbank deposit rate (CDI) with final maturity in March 2014.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florestal Nacional - R$ contracts: interest equivalent to 100.5% to 101.5% of CDI with final maturity in January 2013. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(3) Financial instruments contract, specifically swap between CSN and CSN Islands VIII.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Intercompany receivables arise from product sales and service transactions between the parent and its subsidiaries.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The accounts receivable of Companhia Brasileira de Latas (&#8220;CBL&#8221;) relating to commercial transactions totals R$309,135, and R$246,819 is accrued for operations for the period before the acquisition, which is reversed only when received. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Liabilities&nbsp;</FONT></B></FONT></P>

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

<DIV>

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

<P style="TEXT-ALIGN: right">Page 46 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_48"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

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



<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="28%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="35%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Borrowings and financing </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade payables </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other payables </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Prepayment (1) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fixed rate notes (2) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Borrowings and Intercompany Bonds (2) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Islands VIII Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,328,830 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,328,830 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Portugal, Unipessoal Lda. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">251,461 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">251,461 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Europe Lda. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">59,680 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">59,680 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Resources S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,879,814 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">806,640 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,744,506 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,430,960 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Ib&#233;ria Lda. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">43,903 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">43,903 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Estanho Rond&#244;nia S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11,927 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11,927 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Congonhas Min&#233;rios S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,388,246 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,388,246 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Cimentos S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">410,796 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">410,796 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other(*) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,481 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,481 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,131,275 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,135,470 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,236,335 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">410,796 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">16,408 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,930,284 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,244,927 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,270,949 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,230,699 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">296 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">17,856 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,764,727 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(1)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>US$ contracts - CSN Portugal: interest of 6.15% and 7.43% p.a. maturing in May 2015.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>US$ contract - CSN Resources: interest of 4.07% p.a. with maturity extended to August 2022.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt 21.3pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(2)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>YEN contracts - CSN Islands VIII: interest of 5.65% p.a. maturing in December 2013.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>US$ contracts - CSN Resources: interest of 4.14% p.a. maturing in July 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>US$ contracts - CSN Europe: semiannual LIBOR + 2.25% p.a. maturing in December 2012.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>US$ contracts - CSN Resources: Intercompany bonds with interest of 9.125% p.a. maturing in June 2047.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>US$ contracts - CSN Resources: interest of 2.01% to 3.99% p.a. with final maturity extended to February 2014.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US$ contracts - CSN Ib&#233;ria: semiannual Libor + 3% p.a. with undefined maturity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$ contracts - Congonhas Min&#233;rios: interest equivalent to 100.3% to 10</FONT></FONT><FONT face="Times New Roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>1</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>.5% p.a. of CDI maturing in January 2013.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR>(*)</FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR> &nbsp;</FONT></B></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR>Other</FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR>:&nbsp;</FONT></B></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR> Companhia Metal&#250;rgica Prada, Cia. Metalic Nordeste, Sepetiba Tecon and Companhia Brasileira de Latas.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Profit or loss</FONT></B></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=4 width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="39%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Revenues </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%">

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="39%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Expenses </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Sales </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Interest </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Exchange differences </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Purchases </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Interest </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Exchange differences </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Islands VIII Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,672 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,672 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">18,292 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">18,292 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Portugal, Unipessoal Lda. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">54,514 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">54,514 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,687 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">34,961 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">38,648 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Europe Lda. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">32 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">19,402 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">19,434 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Resources S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">128,508 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">128,508 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">51,533 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">51,533 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>CSN Export Europe, S.L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">15,781 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">15,781 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Lusosider A&#231;os Planos, S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">65 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">65 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Handel GmbH </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">153,259 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,585 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">159,844 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">International Investment Fund </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">144 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,565 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,709 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Ib&#233;ria Lda. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,083 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,083 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">300 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">347 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">647 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companhia Metal&#250;rgica Prada </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">289,572 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">289,572 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,708 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,708 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Cimentos S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,434 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,434 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,730 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,730 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Cia. Metalic Nordeste </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,045 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,045 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">178 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">178 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Estanho de Rond&#244;nia S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,590 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,590 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Florestal Nacional S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,204 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,204 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Sepetiba Tecon S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,126 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,126 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">215 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">215 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fundos Exclusivos </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,861 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,861 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Congonhas Min&#233;rios S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">34,773 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">34,773 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Transnordestina Log&#237;stica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,460 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,465 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Energia S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">54,382 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">54,382 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companhia Brasileira de Latas </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">18,568 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">18,568 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">808 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">808 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">558,606 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,525 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">157,546 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">724,677 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">95,611 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">108,761 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">56,340 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">260,712 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">624,298 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,785 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">113,223 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">741,306 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,508 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">196,989 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,533 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">227,030 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The main transactions carried out by the Company with its subsidiaries are sales and purchases of products and services, which include the supply of iron ore and steel, and the provision of port services.</FONT></FONT></P>

<DIV>

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

<P style="TEXT-ALIGN: right">Page 47 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_49"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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<DIV align=left>

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



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>c)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Transactions with jointly controlled entities</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company&#8217;s strategic areas of mining, logistics and energy maintain equity interests in companies under joint control. The characteristics, objectives and transactions with these companies are as follows. The consolidated information is presented according to the criteria set out in note 2.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Assets</FONT></B></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD width="70%" noWrap>&nbsp;</TD>

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

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

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

   <TD width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: windowtext 1pt solid" rowSpan=2 width="70%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: windowtext 1pt solid" rowSpan=2 width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade receivables </FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid" rowSpan=2 width="2%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: windowtext 1pt solid" rowSpan=2 width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

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

<TR>

   <TD style="BACKGROUND: #f2f2f2" width="70%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Nacional Min&#233;rios S.A. </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: #f2f2f2" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,443 </FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="2%" noWrap>

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

   <TD style="BACKGROUND: #f2f2f2" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,443 </FONT></FONT></P></TD></TR>

<TR>

   <TD width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">MRS Log&#237;stica S.A. </FONT></FONT></P></TD>

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

   <TD width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">118 </FONT></FONT></P></TD>

   <TD width="2%" noWrap>

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

   <TD width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">118 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,561 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="2%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,561 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 12/31/2011</FONT></B></FONT></P></TD>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">31,741 </FONT></B></FONT></P></TD>

   <TD width="2%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">31,741 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

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

<DIV align=left>

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



<TR>

   <TD width="55%" noWrap>&nbsp;</TD>

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

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

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

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

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

   <TD width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: windowtext 1pt solid" rowSpan=2 width="55%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" width="2%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: windowtext 1pt solid" rowSpan=2 width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade receivables </FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="2%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: windowtext 1pt solid" rowSpan=2 width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Dividends receivable </FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="2%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-TOP: windowtext 1pt solid" rowSpan=2 width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

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

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

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

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

<TR>

   <TD style="BACKGROUND: #f8f8f8" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Nacional Min&#233;rios S.A. </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" width="2%" noWrap>

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

   <TD style="BACKGROUND: #f8f8f8" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">58,608 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" width="2%" noWrap>

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

   <TD style="BACKGROUND: #f8f8f8" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">622,004 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" width="2%" noWrap>

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

   <TD style="BACKGROUND: #f8f8f8" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">680,612 </FONT></FONT></P></TD></TR>

<TR>

   <TD width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">MRS Log&#237;stica S.A. </FONT></FONT></P></TD>

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

   <TD width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">177 </FONT></FONT></P></TD>

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

   <TD width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">33,738 </FONT></FONT></P></TD>

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

   <TD width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">33,915 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f8f8f8" width="55%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">It&#225; Energ&#233;tica </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" width="2%" noWrap>

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

   <TD style="BACKGROUND: #f8f8f8" width="13%" noWrap>

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

   <TD style="BACKGROUND: #f8f8f8" width="2%" noWrap>

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

   <TD style="BACKGROUND: #f8f8f8" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,675 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" width="2%" noWrap>

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

   <TD style="BACKGROUND: #f8f8f8" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,675 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">58,785 </FONT></B></FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">668,417 </FONT></B></FONT></P></TD>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">727,202 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2" width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 12/31/2011</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">75,815 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">662,197 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">738,012 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Liabilities &nbsp;</FONT></B></FONT></P>

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

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

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="40%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="40%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Advances from customers </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade payables </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other payables </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Nacional Min&#233;rios S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,293,253 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,639 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,296,892 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">MRS Log&#237;stica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">322 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">322 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companhia Brasileira de Servi&#231;os e Infraestrutura </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">449 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">449 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,293,253 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">449 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,961 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,297,663 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,270,663 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,085 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,966 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,286,714 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

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

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

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="40%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Advances from customers </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade payables </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other payables </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Nacional Min&#233;rios S.A.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,233,132 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,098 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,242,230 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">MRS Log&#237;stica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">483 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">483 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companhia Brasileira de Servi&#231;os e Infraestrutura </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">898 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">898 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,233,132 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">898 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,581 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,243,611 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,176,658 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,618 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">15,845 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,203,121 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Nacional Min&#233;rios: The advance from customers received from jointly controlled entity Nacional Min&#233;rios S.A. refers to the contractual obligation for supply of iron ore and port services. The agreement is subject to interest rate of 12.5% p.a. and expires in September 2042.&nbsp; </FONT></FONT></P>

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

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<P style="TEXT-ALIGN: right">Page 48 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_50"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>MRS Log&#237;stica: We have recorded in other payables the amount accrued to cover contractual expenses for take or pay and block rates relating to the railroad transportation agreement. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Profit or loss</FONT></B></FONT></P>

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

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="28%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=3 width="28%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="35%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Revenues </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%">

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="35%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Expenses </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Sales </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Interest </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Purchases </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%">

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Interest </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Nacional Min&#233;rios S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">104,811 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">104,811 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,353 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">98,424 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">99,777 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">MRS Log&#237;stica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">53,851 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">53,851 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companhia Brasileira de Servi&#231;os e Infraestrutura </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,269 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,269 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">104,811 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">104,811 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">61,473 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">98,424 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">159,897 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">106,633 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,631 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">119,264 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">94,160 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">95,409 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">189,569 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

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

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="28%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="35%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Revenues </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="35%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Expenses </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Sales </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Interest </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Purchases </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Interest </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Nacional Min&#233;rios S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">262,028 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">262,028 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,382 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">246,061 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">249,443 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">MRS Log&#237;stica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">80,699 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">80,699 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companhia Brasileira de Servi&#231;os e Infraestrutura </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,539 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,539 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">262,028 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">262,028 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">96,620 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">246,061 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">342,681 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">266,583 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">31,577 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">298,160 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">154,956 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">238,523 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">393,479 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The main transactions carried out by the Company with its jointly controlled entities are sales and purchases of products and services, which include the supply of iron ore, the provision of port services and railroad transportation, as well as the supply of electric power for operations. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>d) Other consolidated related parties</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CBS Previd&#234;ncia</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company is the main sponsor of this non-profit entity established in July 1960, primarily engaged in the payment of benefits that supplement the official government Social Security benefits to participants. In its capacity as sponsor, CSN carries out transactions involving the payment of contributions and recognition of actuarial liabilities calculated in defined benefit plans, as detailed in note 29.&nbsp; </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Funda&#231;&#227;o CSN</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company develops socially responsible policies concentrated today in Funda&#231;&#227;o CSN, of which it is the sponsor. The transactions between the parties relate to the operating and financial support for Funda&#231;&#227;o CSN to carry out the social projects undertaken mainly in the locations where the Company operates. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Banco Fibra</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Banco Fibra is under the control structure of Vicunha Siderurgia and the financial transactions carried out with this bank are limited to current account operations and investments in fixed-income securities. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Ibis Participa&#231;&#245;es e Servi&#231;os</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Ibis Participa&#231;&#245;es e Servi&#231;os is under the control of a Board member of the Company. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Companhia de G&#225;s do Cear&#225;</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>A natural gas distributor under the control structure of Vicunha Siderurgia.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_51"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The balances and transactions between the Company and these entities are as follows:</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>I) Assets and liabilities</FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Assets </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Liabilities </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Banks/Short-term investments </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade receivables </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Actuarial liabilities </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade payables </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CBS Previd&#234;ncia (Note 29) </FONT></FONT></P></TD>

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

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11,673 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11,682 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Funda&#231;&#227;o CSN </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,504 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,504 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">158 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">158 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Banco Fibra </FONT></FONT></P></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">72 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">72 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Usiminas (Note 11) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,976 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,976 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,014 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,014 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Panatl&#226;ntica (Note 11) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">24,195 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">24,195 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companhia de G&#225;s do Cear&#225; </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">39 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">39 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">72 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">46,675 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">46,747 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11,673 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,220 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,893 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">72 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">54,871 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">54,943 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11,673 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">531 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,204 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>ii) Profit or loss</FONT></B></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="30%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="27%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Revenues </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="41%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Expenses </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Sales </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Pension fund expenses </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Purchases/ Other expenses </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CBS Previd&#234;ncia </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="13%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="13%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">16,243 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="13%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">16,243 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Funda&#231;&#227;o CSN </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">371 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">371 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Usiminas </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">37,111 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">37,111 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,014 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,014 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Panatl&#226;ntica </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">64,792 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">64,792 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Ibis Participa&#231;&#245;es e Servi&#231;os </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,830 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,830 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companhia de G&#225;s do Cear&#225; </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">489 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">489 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">101,903 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">101,903 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">16,243 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,704 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,947 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total at 3/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">152,678 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">152,678 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">15,345 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">18,789 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">34,134 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>e) Key management personnel</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The key management personnel, who have authority and responsibility for planning, directing and controlling the Company&#8217;s activities, include the members of the Board of Directors and the executive officers. The following is information on the compensation of such personnel and the related balances as of March 31, 2012.</FONT></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD vAlign=bottom width="70%" noWrap>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="70%" noWrap>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">P&amp;L </FONT></B></FONT></P></TD>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">P&amp;L </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Short-term benefits for employees and officers </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="2%" noWrap>

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

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,086 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,913 </FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Post-employment benefits </FONT></FONT></P></TD>

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

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

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">27 </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other long-term benefits </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="2%" noWrap>

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

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">n/a </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">n/a </FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Severance benefits </FONT></FONT></P></TD>

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

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

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">n/a </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

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

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">n/a </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Share-based compensation </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="2%" noWrap>

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

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">n/a </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">n/a </FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="70%" noWrap>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,113 </FONT></B></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,933 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>n/a &#8211; not applicable</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>f) Policy on investments and payment of interest on capital and dividends &nbsp;</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>At a meeting held on December 11, 2000, the Board of Directors decided to adopt a profit distribution policy which, after compliance with the provisions contained in Law 6,404/76, as amended by Law 9,457/97, will entail the distribution of all the profit to the Company&#8217;s shareholders, provided that the following priorities are preserved, irrespective of their order: (i) </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>carrying out the business strategy; (ii) fulfilling its obligations; (iii) making the required investments; and (iv) maintaining a healthy financial situation of the Company.</FONT></FONT></P>

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<P style="TEXT-ALIGN: right">Page 50 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_52"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>5.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CASH AND CASH EQUIVALENTS</FONT></B></FONT></P>

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

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="41%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="41%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Cash and cash equivalents </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Cash and banks </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">143,844 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">101,360 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">22,888 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">14,047 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short-term investments </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">In Brazil: </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Exclusive investiment funds </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">957,286 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,207,318 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Investment funds (*) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">67,107 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">747,001 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Government bonds </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">956,388 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">646,594 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%">

   <P style="TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Private securities and debentures (**) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">666,067 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,017,019 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">38,972 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">60,363 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,622,455 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,663,613 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,063,365 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,014,682 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Abroad: </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Time deposits </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,377,715 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,652,420 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">16,649 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">44,515 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total short-term investments </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">14,000,170 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">15,316,033 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,080,014 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,059,197 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="41%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Cash and cash equivalents </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">14,144,014 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">15,417,393 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,102,902 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,073,244 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The funds available in the Company and subsidiaries set up in Brazil are basically invested in exclusive investment funds, with repurchase agreements backed by Brazilian government bonds with immediate liquidity. In addition, a significant part of the funds of the Company and its foreign subsidiaries is invested in time deposits with leading banks. </FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The exclusive funds managed by BTG Pactual Servi&#231;os Financeiros S.A. DTVM and their assets collateralize possible losses on investments and transactions carried out.</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The funds&#8217; unit holders also guarantee the funds&#8217; equity in the event of losses arising from changes in interest and exchange rates, or other financial assets.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(*) &nbsp;&nbsp; Investment funds:</FONT></B></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> the &#8220;V&#233;rtice&#8221; investment fund&#8217;s portfolio is administered and managed by Caixa Econ&#244;mica Federal (CEF).</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(**) &nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Private securities:</FONT></B></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> short&#8211;term investments in consolidated amounting to R$607,394 as of March 31, 2012 (R$1,952,274 as of December 31, 2011) and in Company amounting to R$</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>38,972 </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>and R$60,363, respectively, backed by Bank Certificates of Deposit, which yield pegged to the Interbank Certificates of Deposit rate (CDI).</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 19.85pt; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Debentures:</FONT></B></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> investments in consolidated amounting to R$58,673 as of March 31, 2012 (R$64,745 as of December 31, 2011), of jointly controlled entity MRS, which yield interest pegged to the Interbank Certificates of Deposit rate (CDI).</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>6.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>TRADE RECEIVABLES </FONT></B></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_53"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

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

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade receivables </FONT></B></FONT></P></TD>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Third parties </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Domestic market </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,069,663 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">982,129 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">678,928 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">675,297 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Foreign market </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">836,332 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">701,807 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,278 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,869 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Allowance for doubtful debts </FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(119,218)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(124,939)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(97,179)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(101,407)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="49%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,786,777 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,558,997 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">590,027 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">578,759 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Related parties (Note 4 - b and c) </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,267,128 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,065,167 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="49%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,786,777 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,558,997 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,857,155 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,643,926 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="49%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other receivables </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Dividends receivable (Note 4 - b and c) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">680,902 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">676,242 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Receivables from subsidiaries and jointly controlled entities </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,826 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,557 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">168,432 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">163,248 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other receivables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">230,682 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">55,652 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">40,224 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">33,384 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">232,508 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">57,209 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">889,558 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">872,874 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,019,285 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,616,206 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,746,713 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,516,800 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In order to meet the needs of some customers in the domestic market, related to the extension of the payment term for billing of steel, in common agreement with CSN&#8217;s internal commercial policy and maintenance of its very short-term receipts (up to 14 days), at the request of the customer, transactions are carried out for assignment of receivables without co-obligation negotiated between the customer and banks with common relationship, where CSN assigns the trade notes/bills that it issues to the banks with common relationship.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Due to the characteristics of the transactions for assignment of receivables without co-obligation, after assignment of the customer&#8217;s trade notes/bills and receipt of the funds from the closing of each transaction, CSN settles the trade receivables and becomes entirely free of the credit risk on the transaction. This transaction totals R$319,846 as of March 31, 2012 (R$262,367 as of December 31, 2011), less the trade receivables.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The changes in the Company&#8217;s allowance for doubtful debts are as follows:</FONT></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="48%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="48%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="48%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Opening balance </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(124,939)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(117,402)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(101,407)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(99,023)</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="48%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Allowance for losses on trade receivables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,803)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(20,005)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,483)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(11,628)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="48%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Recovery of receivables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,524 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,468 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,711 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,244 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="48%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Closing balance </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(119,218)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(124,939)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(97,179)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(101,407)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>7.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>INVENTORIES&nbsp;</FONT></B></FONT></P>

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

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Finished products </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,029,383 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">997,128 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">785,018 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">714,688 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Work in process </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">808,424 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">776,918 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">689,562 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">680,997 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Raw materials </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">721,512 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">847,598 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">554,766 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">693,155 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Storeroom supplies </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">931,454 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">897,940 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">746,358 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">724,529 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Iron ore </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">157,507 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">215,400 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">42,342 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">72,248 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,648,280 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,734,984 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,818,046 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,885,617 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Changes in the allowance for inventory losses are as follows:</FONT></FONT></P>

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

<DIV>

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

<P style="TEXT-ALIGN: right">Page 52 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_54"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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<DIV align=left>

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<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P>

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

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

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="48%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="48%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="48%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Opening balance </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(83,145)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(64,115)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(77,814)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(61,702)</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="48%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Allowance for obsolete or slow-moving inventories </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(6,522)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(19,030)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(6,233)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(16,112)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="48%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Closing balance </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(89,667)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(83,145)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(84,047)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(77,814)</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="48%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Allowances for certain items considered obsolete or slow-moving were recognized.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the Company has long-term iron ore inventories amounting to R$144,483, classified in other non-current assets (R$144,483 130,341 as of December 31, 2011), as described in note 10.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>8.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>OTHER CURRENT ASSETS</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The group of other current assets is comprised as follows:</FONT></FONT></P>

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

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

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Prepaid taxes </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,419 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">104,733 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">104,064 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Unrealized gains on derivatives (Note 15) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">26,801 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">55,115 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Guarantee margin on financial instruments (Note 15 V) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">268,986 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">407,467 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

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

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Prepaid expenses </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">50,046 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">24,135 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">30,763 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,834 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">349,252 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">591,450 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">30,763 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">114,898 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>9.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>INCOME TAX AND SOCIAL CONTRIBUTION </FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(a)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Income tax and social contribution recognized in profit or loss:</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The income tax and social contribution recognized in profit or loss for the period are as follows:</FONT></FONT></P>

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

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

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#333333 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#333333 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Income tax and social contribution income (expenses) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Current &nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(50,549)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(96,670)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(48,411)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Deferred </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">55,096 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">41,375 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">115,281 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">90,362 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,547 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(55,295)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">115,281 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">41,951 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The reconciliation of Company and consolidated income tax and social contribution expenses and income and the result from applying the effective rate on profit before income tax (IRPJ) and social contribution (CSLL) are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#333333 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#333333 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Profit before income tax and social contribution </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">88,088 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">670,990 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(4,587)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">575,568 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Tax rate </FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">34%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">34%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">34%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">34%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Income tax and social contribution at combined statutory rate </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(29,950)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(228,137)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,560 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(195,693)</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Adjustment to reflect effective rate: </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Interest on capital benefit</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">40,185 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">39,784 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">40,185 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">39,784 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Share of profits (losses) of associates</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">63,408 &nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">183,511 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Income subject to special tax rates or untaxed</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(21,946)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">123,576 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Tax incentives</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,927 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,927 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other permanent deductions (additions) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">16,238 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,555 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,128 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,422 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Income tax and social contribution in profit (loss) for the period </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,547 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(55,295)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">115,281 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">41,951 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Effective tax rate </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">-5%</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8%</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">-2,513%</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">-7%</FONT></B></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 53 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_55"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(b)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Deferred income tax and social contribution:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The deferred income tax and social contribution are calculated on income tax and social contribution loss carryforwards and related temporary differences between the tax bases of assets and liabilities and the carrying amounts in the interim financial statements.</FONT></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Deferred tax assets </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

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   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Income tax loss carryforwards </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">626,559 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">425,406 </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">459,222 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">392,991 </FONT></FONT></P></TD></TR>

<TR>

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   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Social contribution loss carryforwards </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">179,602 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">157,858 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">165,605 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">141,445 </FONT></FONT></P></TD></TR>

<TR>

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   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Temporary differences </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,044,867 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,257,509 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">702,837 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">766,214 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>- Provisions for tax, social security, labor and civil risks</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">228,043 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">211,835 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">217,153 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">200,225 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>- Allowance for asset impairment losses</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">50,431 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">60,930 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25,911 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">24,544 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">- Allowance for inventory losses</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">41,316 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">30,814 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">30,407 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">28,048 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>- Allowance for gains/losses on financial instruments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">198,666 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">253,985 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">147,686 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">192,226 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">- Accrued pension plan payments</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">144,066 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">144,066 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">144,297 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">144,297 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">- Accrued interest on capital</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">40,265 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">74 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">40,265 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">74 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>- Allowance for long-term sales</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,221 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,221 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,221 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,221 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">- Accrued supplies and services</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">59,650 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">67,445 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">53,102 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">64,689 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">- Allowance for doubtful debts</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">35,765 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">45,342 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">32,371 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">41,854 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">- Goodwill on merger</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">232,095</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">371,153 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,062 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,406 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">- Other</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,349 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">70,644 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(9,638)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">45,630 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Non-current assets </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,851,028 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,840,773 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,327,664 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,300,650 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Diferido Passivo </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>- Adjustment of useful life of PP&amp;E</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">53,830</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">37,776 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">- Business combination</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">125,586 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">17,960 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">- Other </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(20,546)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(17,885)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="49%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Non-current liabilities </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">158,870 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">37,851 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Related to a sole jurisdiction, thus presented at net amounts. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Some Group companies recognized tax credits on income tax and social contribution loss carryforwards not subject to statute of limitations and based on the history of profitability and expected future taxable profits determined in technical studies approved by Management.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Since they are subject to significant factors that may change the projections for realization, the carrying amounts of deferred tax assets are reviewed quarterly and projections are reviewed annually. These studies indicate the realization of these tax assets within the term stipulated by the mentioned instruction and the limit of 30% of the taxable profit.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Certain CSN subsidiaries have tax assets amounting to R$771,212 and R$248,399, related to income tax and social contribution loss carryforwards, for which no deferred taxes were set up, of which R$9,709 expires in 2013, R$695 in 2014, R$27,928 in 2015, R$15 in 2016, R$46 in 2017 and R$42,874 in 2025.</FONT></FONT><FONT color=blue face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The remaining tax assets refer to domestic companies and, therefore, are not subject to statute of limitations. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The tax benefit of goodwill of Nacional Min&#233;rios S.A., which arose on the merger of Big Jump in July 2009, amounted to R$1,391,858. Up to March 31, 2012 a total amount of R$742,325 (R$672,732 up to 2011) had been realized, leaving a remaining amount of R$649,533, which will be realized through 2014. The realization will amount to R$208,779 from April to December 2012, R$278,372 in 2013, and R$162,382 in 2014.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_56"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The undistributed profits of the Company&#8217;s foreign subsidiaries have been invested and will continue to be indefinitely invested in their operations.</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>These undistributed profits of the Company&#8217;s foreign subsidiaries amounted to R$8,438,371 as of March </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>31, 2012 (</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>R$</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>8,033,902 </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>as of December 31, 2011).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(c)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Income tax and social contribution recognized in equity:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The income tax and social contribution recognized directly in equity are as follows:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#333333 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#333333 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Income tax and social contribution </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Actuarial gains on defined benefit pension plan </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">163,931 &nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">163,931 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">163,867 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">163,867 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Changes in fair value of available-for-sale financial assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">142,437 &nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">241,484 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">91,457 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">179,725 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Exchange differences arising on translation of foreign operations </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">425,510 &nbsp;</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">425,510 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">425,510 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">425,510 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(d)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Tax incentives </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company enjoys Income Tax incentives based on the legislation in effect, such as: Worker Food Program, the Rouanet Law (tax incentives related to cultural activities), Tax Incentives for Audiovisual Activities, and Funds for the Rights of Children and Adolescents. As of March 31, 2012, these tax incentives total R$34 (R$1,914 as of December 31, 2011). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>10.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>OTHER NON-CURRENT ASSETS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The group of other non-current assets is comprised as follows:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Judicial deposits (Note 19) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,785,497 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,760,814 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,704,457 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,683,775 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Recoverable taxes (*) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">254,561 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">257,977 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">98,748 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">101,859 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Prepaid expenses </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">104,614 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">115,853 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,815 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">24,560 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Unrealized gains on derivatives (Note 15) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">250,724 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">376,344 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">250,724 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">374,455 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Iron ore inventories </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">144,483 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">144,483 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">144,483 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">144,483 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Northeast Investment Fund - FINOR </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">47,754 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">47,754 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">46,292 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">46,292 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">155,029 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">163,001 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">36,281 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">40,818 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,742,662 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,866,226 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,304,800 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,416,242 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(*) Refers mainly to taxes on revenue (PIS/COFINS) and State VAT (ICMS) on the acquisition of fixed assets which will be recovered over a 48-month period.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>11.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>INVESTMENTS&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>a)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Direct equity interests in subsidiaries and jointly controlled entities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right">Page 55 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_57"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3/31/2011</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Companies</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Profit </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Profit </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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<TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Number of shares </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">% </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(loss) </FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(loss) </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">% </FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

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<TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(in units) </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Direct </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">for the </FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">for the </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Direct </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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<TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Common </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Preferred </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">interest </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">period </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Assets </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Liabilities </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Equity </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">period </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">interest </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Assets </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Liabilities </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Equity </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Islands VII Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">20,001,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(2,450)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">396,096 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">373,079 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">23,017 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,557)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">407,707 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">382,240 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,467 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Islands VIII Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,501,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">16,899 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,340,481 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,280,382 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">60,099 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(475)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,452,511 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,409,311 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">43,200 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Islands IX Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,000,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(97)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">744,662 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">743,500 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,162 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,448 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">786,167 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">784,908 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,259 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Islands X Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">981 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">55 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">39,852 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(39,797)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">632 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">70 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">40,847 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(40,777)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Islands XI Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">50,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(261)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,373,544 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,367,279 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,265 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(137)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,438,225 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,431,699 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,526 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Islands XII Corp. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,540 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(23,532)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,658,168 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,820,832 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(162,664)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(26,823)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,735,094 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,874,226 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(139,132)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Tangua Inc. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">10 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(681)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">23,302 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">23,302 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(469)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">23,983 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">23,983 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">International Investment Fund </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">50,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,094)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">111 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">111 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">925 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">39,565 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">24,265 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">15,300 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Minerals S. L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">131,649,926 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">212,846 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,118,229 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,600 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,116,629 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">144,771 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,906,449 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,666 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,903,783 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>CSN Export Europe, S.L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">35,924,748 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(14,012)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">738,975 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">50,276 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">688,699 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">51,274 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">802,447 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99,735 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">702,712 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Metals S.L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">256,951,582 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(14,968)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,131,293 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,663 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,125,630 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(10,520)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,147,456 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,682 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,140,774 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Americas S.L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">151,877,946 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">45,068 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,439,266 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,541 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,433,725 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">26,849 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,394,255 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,598 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,388,657 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Steel S.L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,204,072,527 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(114,377)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,254,749 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">574,533 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,680,216 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(63,009)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,042,029 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">268,566 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,773,463 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Sepetiba Tecon S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">254,015,053 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,378 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">230,474 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">28,014 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">202,460 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,123 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">224,793 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">26,711 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">198,082 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Minera&#231;&#227;o Nacional S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,000,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">20 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,109 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">22 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,087 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">22 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,090 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">23 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,067 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN A&#231;os Longos S. A.(*) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(334)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Florestal Nacional S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">15,474,625 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(15,310)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">454,423 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">707,228 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(252,805)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(16,051)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">386,218 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">681,574 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(295,356)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Estanho de Rond&#244;nia S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">34,236,307 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">935 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">43,404 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12,694 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30,710 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,386 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">41,692 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,918 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">29,774 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Cia Metalic Nordeste </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">92,293,156 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">262 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">156,968 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">40,370 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">116,598 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,247 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">156,915 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">40,579 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">116,336 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Companhia Metal&#250;rgica Prada </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,877,929 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(34,909)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">544,244 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">317,664 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">226,580 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,925 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">527,885 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">276,475 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">251,410 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Cimentos S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,589,478,498 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(3,464)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,248,096 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">166,726 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,081,370 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">817 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,221,115 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">157,207 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,063,908 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">INAL Nordeste S. A.(**) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,747)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Congonhas Min&#233;rios S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">64,610,863 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(6,211)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,063,900 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,071,309 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(7,409)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(5,148)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,014,364 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,015,562 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,198)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CSN Energia S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">26,123 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(12,397)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">17,858 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">14,013 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,845 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(372)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">99.99 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30,042 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">13,800 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">16,242 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Transnordestina Log&#237;stica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,792,784,817 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">778,436,373 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">70.91 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(13,575)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,423,829 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,877,623 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,546,206 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(10,699)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">70.91 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,076,080 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,516,299 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,559,781 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Nacional Min&#233;rios S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">475,067,405 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">60.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">201,438 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">13,935,561 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,645,998 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12,289,563 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">591,006 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">60.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">13,857,646 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,684,561 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12,173,085 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">It&#225; Energ&#233;tica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">520,219,172 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">48.75 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">22,035 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">809,450 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">161,932 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">647,518 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">14,093 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">48.75 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">801,335 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">162,812 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">638,523 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">MRS Log&#237;stica S.A. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">188,332,687 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">151,667,313 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">27.27 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">98,650 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,597,600 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,201,621 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,395,979 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">142,437 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">27.27 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,542,786 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,243,844 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,298,942 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,876,146 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">50.00 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(12)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,250 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,388 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,862 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="5%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(*) Merged on January 28, 2011</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(**) Merged on May 30, 2011</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The number of shares, the profit or loss for the period, and the equity refer to 100% of the companies&#8217; performance.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>b)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Changes in investments in subsidiaries and jointly controlled entities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="69%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="69%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Opening balance of investments </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">22,573,890 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">17,023,295 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="69%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Opening balance of allowance for losses </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(476,463)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(140,875)</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="69%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Capital increase/acquisition of shares </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">60,206 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,240,582 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="69%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Dividends </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(20,452)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(853,316)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="69%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Share of profits of associates </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">187,566 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,397,137 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="69%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Comprehensive income (*) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">315,363 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,281,507)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="69%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Merger of subsidiary (**) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(290,789)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="69%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(445)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,900 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="69%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Closing balance of investments </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,102,339 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">22,573,890 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="69%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Closing balance of allowance for losses </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(462,674)</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(476,463)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(*) Refers to the mark-to-market of investments classified as available-for-sale and the translation into the presentation currency, and, as described in note 11.f), the Company disposed of its interest in Riversdale;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(**) Merger of CSN A&#231;os Longos on January 28, 2011 and Inal Nordeste on May 30, 2011.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>c)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Additional information on the main operating subsidiaries</FONT></B></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_58"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>SEPETIBA TECON </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>It is engaged in operating Container Terminal No. 1 of the Itagua&#237; Port, located in Itagua&#237;, State of Rio de Janeiro. The terminal is connected to UPV by the Southeast railroad network, the concession of which is granted to MRS Log&#237;stica. The services provided are handling and storage of containers, steel products and cargo in general, among other products and services related to container washing, </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>maintenance </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>and sanitization.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>ESTANHO DE ROND&#212;NIA - ERSA</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Headquartered in the State of Rond&#244;nia, this subsidiary operates two units, one in the city of Itapu&#227; do Oeste and the other one in the city of Ariquemes. In Itapu&#227; do Oeste, where the mining business unit is based, it mines cassiterite (tin ore) while in Ariquemes it operates a foundry to obtain metallic tin, the raw material used by UPV for the production of tin plates. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CIA. METALIC NORDESTE</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Headquartered in Maracana&#250;, State of Cear&#225;, it is engaged in manufacturing metal containers basically sold to beverage industry. Its production is mainly sold in Brazil&#8217;s North and Northeastern market, and the lid surplus is sold in the foreign market. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>It operating unit has two different production lines: Cans, using as raw material tine-coated steel supplied by the parent company and Lids, using as raw material aluminum.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>COMPANHIA METAL&#218;RGICA PRADA </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Steel containers</FONT></I></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Companhia Metal&#250;rgica Prada in engaged in the manufacture and sale of steel containers, producing the best and safest cans, pails and spray cans. It supplies containers and lithography services to the main companies in the chemical and food industries.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>On July 12, 2011, Companhia Metal&#250;rgica Prada conducted a capital increase in Companhia Brasileira de Latas (&#8220;CBL&#8221;)&nbsp; through the capitalization of debentures and other receivables. As a result, Companhia Metal&#250;rgica Prada became the holder of CBL&#8217;s control, with an equity interest equivalent to 59.17% of its voting capital.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Companhia Brasileira de Latas is engaged in the manufacturing of steel containers supplied to the main companies in the chemical and food industries. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Distribution</FONT></I></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Distribution unit is engaged in the processing and distribution of steel sheet and plates and has a diversified product line. It supplies spools, rolls, plates, stripes, blanks, metal sheets, shapes, tubes, tiles, and other products to different manufacturing industries, from automotive to construction. It is also specialized in providing steel processing services, meeting the demand from nationwide companies. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CSN CIMENTOS </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Headquartered in Volta Redonda, State of Rio de Janeiro, it is engaged in the production and sale of cement and uses as one of its raw materials the blast furnace slag from the pig iron production of UPV. CSN Cimentos started to operate on May 14, 2009.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>At the beginning of 2011, CSN Cimentos started manufacturing clinker in its Arcos plant, in Minas Gerais. In January 2012, CSN acquired the trading unit of CSN Cimentos in Arcos, MG. As a result, the clinker plant is now a branch of CSN.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_59"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CSN ENERGIA </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>It is primarily engaged in the distribution and sale of electric power surpluses generated by CSN and companies, consortiums or other ventures in which the Company holds equity interests.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>TRANSNORDESTINA LOG&#205;STICA</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>It is primarily engaged in the operation and development of the railroad freight transportation public service in the Northeast of Brazil network. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, CSN held 70.91% of the Company&#8217;s share capital.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>d)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Investments in jointly controlled entities</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The balances of the balance sheets and income statements of the companies under shared control are stated below and have been consolidated into the Company&#8217;s financial statements according to the percentage equity interests described in item (b) of note 2. </FONT></FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Balance Sheet </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">It&#225; Energ&#233;tica </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">MRS Log&#237;stica </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Nacional Min&#233;rios (*) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">It&#225; Energ&#233;tica </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">MRS Log&#237;stica </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Current assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,495,679 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">99,029 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">879,700 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,155,543 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">81,729 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">917,291 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Non-current assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,470,797 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">710,421 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,717,900 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,526,804 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">719,606 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,625,495 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long-term receivables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,337,616 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">43,958 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">313,047 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,422,434 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">44,239 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">336,439 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Investments, PP&amp;E and intangible assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,133,181</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">666,463 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,404,853 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,104,370 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">675,367 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,289,056 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total assets </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,966,476 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">809,450 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,597,600 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,682,347 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">801,335 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,542,786 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Current liabilities </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,445,685 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">112,673 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">978,569 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,260,068 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">100,175 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,108,938 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Non-current liabilities </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">299,039 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">49,259 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,223,052 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">307,352 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">62,637 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,134,906 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Equity </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,221,752 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">647,518 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,395,979 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,114,927 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">638,523 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,298,942 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total liabilities and equity </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,966,476 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">809,450 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,597,600 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,682,347 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">801,335 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,542,786 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2011 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Income Statements </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Nacional Min&#233;rios (*) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">It&#225; Energ&#233;tica </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">MRS Log&#237;stica </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Nacional Min&#233;rios (*) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">It&#225; Energ&#233;tica </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">MRS Log&#237;stica </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Net revenue </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">798,717 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">63,417 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">705,374 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">933,661 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">58,373 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">649,573 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Cost of sales and services </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(668,129)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(16,644)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(475,026)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(484,459)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(19,345)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(371,485)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Gross profit </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">130,588 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">46,773 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">230,348 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">449,202 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">39,028 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">278,088 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Operating (expenses) income </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(101,582)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(12,513)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(56,174)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(8,362)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(13,292)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(15,803)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Finance income (costs), net </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">278,800 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(883)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(28,499)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">258,174 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(4,327)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(45,644)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Profit before income tax and social contribution </FONT></FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">307,806 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">33,377 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">145,675 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">699,014 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">21,409 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">216,641 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Current and deferred income tax and social contribution </FONT></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap>&nbsp; </TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(116,021)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(11,342)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(47,025)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(122,251)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(7,316)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(74,204)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Profit for the period </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">191,785 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">22,035 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">98,650 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">576,763 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">14,093 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">142,437 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(*) Refer to the consolidated balances and profit or loss of Nacional Min&#233;rios S. A. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>NACIONAL MIN&#201;RIOS &#8211; NAMISA</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Headquartered in Congonhas, State of Minas Gerais, this company is primarily engaged in the production, purchase and sale of iron ore and is mainly focused on foreign markets for sale of its products. Its major operations are carried out in the cities of Congonhas, Ouro Preto, Itabirito and Rio Acima, in the State of Minas Gerais, and in Itagua&#237;, in the State of Rio de Janeiro.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CSN holds and consolidates proportionately 60% of Namisa. </FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_60"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>IT&#193; ENERG&#201;TICA S.A. - ITASA</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Itasa is a corporation originally created to carry out the construction of the It&#225; hydroelectric power plant: contracting for the supply of goods and services necessary to carry out the project and raising funds, including posting the corresponding guarantees.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>CSN holds 48.75% of Itasa&#8217;s share capital.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>MRS LOG&#205;STICA </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>This subsidiary is engaged in providing public railroad freight transportation services, on the basis of an onerous concession agreement, on the tracks of the Southeast Network, located between the cities of Rio de Janeiro, S&#227;o Paulo and Belo Horizonte, previously belonging to Rede Ferrovi&#225;ria Federal S.A.- RFFSA, which was privatized on September 20, 1996. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In 2008 CSN transferred to Namisa in the form of a capital contribution a 10% equity interest of MRS, decreasing its direct interest from 32.93% to 22.93% and held its indirect interests of 6% through Namisa, a proportionately consolidated entity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In addition to this, in 2010, CSN held indirect interest of 4.34% through International Investment Fund (IIF). In December 2011 the company acquired 4.34% of the shares held by IIF.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In March 31, 2012, the Company held total direct interest of 27.27% and indirect interest of 6% in MRS&#8217;s share capital.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=PT-BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR>CONS&#211;RCIO DA USINA HIDREL&#201;TRICA DE IGARAPAVA</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Igarapava Hydroelectric Power Plant is located in Rio Grande, in the city of Conquista, State of Minas Gerais, with installed capacity of 210 MW. It consists of 5 bulb type generating units and is considered a major mark for power generation in Brazil.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>CSN holds 17.92% of investment in the consortium, whose specific purpose is the distribution of electric power, which is made according to the percentage equity interest of each company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The balance of property, plant and equipment less depreciation as of March 31, 2012 is R$31,460 (R$31,751 as of December 31, 2011) and the amount of the expense attributable to CSN is R$1,270 (R$1,452 as of March 31, 2011).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=PT-BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR>COMPANHIA BRASILEIRA DE SERVI&#199;OS DE INFRAESTRUTURA</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR>In December 2011, CSN subscribed to 1,876,146 common shares, corresponding to 50% of the capital of CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura (&#8220;CBSI&#8221;). </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The investment is the result of a joint venture between CSN and CKLS Servi&#231;os Ltda. Based in the city of Arauc&#225;ria, Paran&#225;, CBSI is primarily engaged in providing services to subsidiaries, associates, controlling companies and third-party entities, and can operate activities related to the refurbishment and maintenance of industrial machinery and equipment, construction maintenance, industrial cleaning, logistic preparation of products, among other activities.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>e)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Additional information of indirect interests held abroad</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=PT-BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR>COMPANHIA SIDERURGICA NACIONAL &#8211; LLC (&#8220;CSN LLC&#8221;)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Incorporated in 2001 with the assets and liabilities of the liquidated Heartland Steel Inc., headquartered in Wilmington, State of Delaware, USA, it has an industrial plant in Terre Haute, State of Indiana, USA, where there is a complex comprising a cold rolling line, a hot pickling line for spools and a galvanization line. CSN LLC is a wholly-owned indirect subsidiary of CSN Americas, a subsidiary of CSN.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US>LUSOSIDER&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_61"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Incorporated in 1996 in succession to Siderurgia Nacional &#8211; a company privatized by the Portuguese government that year, Lusosider is the only Portuguese steel company to produce cold-re-rolled flat steel, with a corrosion-resistant coating. The company provides in Paio Pires an installed capacity of around 550,000 metric tons per year to produce four large groups of steel products: galvanized plate, cold-rolled plate, pickled and oiled plate. Products manufactured by Lusosider may be used in the packaging industry, civil construction (pipes and metallic structures), and in home appliance components.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US>STAHLWERK TH&#220;RINGEN GMBH (SWT)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>On January 31, 2012, through its wholly-owned subsidiary CSN Steel S.L.U., CSN acquired the company Stahlwerk Th&#252;ringen Gmbh, as mentioned in note 3.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Stahlwerk Th&#252;ringen Gmbh was incorporated in 1992, from the discontinued Maxh&#252;tte steel industrial complex, in Unterwellenborn, Germany, and produces steel shapes for construction, in accordance with international quality standards. It main raw material is steel scrap and its installed capacity is 1.1 million metric tons of steel/year. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>f)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Other investments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>RIVERSDALE MINING LIMITED - Riversdale&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>On April 20, 2011, the Company adhered to the tender offer of Riversdale Mining Limited (&#8220;Riversdale&#8221;) shares conducted by Rio Tinto. Therefore, the Company sold 100% of its equity interest held in Riversdale&#8217;s share capital, corresponding to 47,291,891 shares at the price of A$16.50 per share, totaling A$780,316.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>PANATL&#194;NTICA&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>On January 5, 2010, the Company&#8217;s Board of Directors approved the acquisition of common shares representing 9.39% of the share capital of Panatl&#226;ntica S.A., a publicly-held company, headquartered in the city of Gravata&#237;, State of Rio Grande do Sul, engaged in the manufacturing, trade, import, export and processing of steel and ferrous or non-ferrous metals, coated or not. This investment is carried at fair value.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>CSN currently holds 9.40% of Panatl&#226;ntica&#8217;s total share capital.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>USIMINAS&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; USIMINAS, headquartered in Belo Horizonte, State of Minas Gerais, is engaged in steel and related operations. USIMINAS produces flat rolled steel in the Intendente C&#226;mara and Jos&#233; Bonif&#225;cio de Andrada e Silva plants, located in Ipatinga, Minas Gerais, and Cubat&#227;o, S&#227;o Paulo, respectively, to be sold in the domestic market and also for exports. It also exploits iron ore mines located in Ita&#250;na, Minas Gerais, to meet its verticalization and production cost optimization strategies. USIMINAS also has service and distribution centers located in several regions of Brazil, and the Cubat&#227;o, S&#227;o Paulo, and Praia Mole, Esp&#237;rito Santo, ports, as well as in locations strategic for the shipment of its production.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the Company reached holdings of 11.97% in common shares and 20.14% in preferred shares of Usiminas&#8217; share capital. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>USIMINAS is listed on the S&#227;o Paulo Stock Exchange (&#8220;Bovespa&#8221;: USIM3 and USIM5). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The breakdown of consolidated investments is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_62"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<TR>

   <TD width="70%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD></TR>

<TR>

   <TD width="70%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Panatl&#226;ntica </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,812 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,030 </FONT></FONT></P></TD></TR>

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   <TD width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Usiminas </FONT></FONT></P></TD>

   <TD width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,491,865 </FONT></FONT></P></TD>

   <TD width="2%" noWrap>&nbsp;</TD>

   <TD width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,077,277 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,499 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,082)</FONT></FONT></P></TD></TR>

<TR>

   <TD width="70%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,507,176 </FONT></B></FONT></P></TD>

   <TD width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,088,225 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>12.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>PROPERTY, PLANT AND EQUIPMENT</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Consolidated</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="31%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Land </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Buildings </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Machinery, equipment and facilities </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Furniture and fixtures </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Construction in progress </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other (*) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="31%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Balance at December 31, 2011 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">194,584 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,455,120 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,624,955 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">33,402 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,056,319 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,012,696 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">17,377,076 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Effect of foreign exchange differences </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">585 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">905 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">10,678 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">56 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">433 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12,668 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Acquistion through business combination </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">22,814 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">85,578 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">775,269 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,909 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,080 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">74,181 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">963,831 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Acquistions </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">884,790 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">884,790 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Capitalized interest </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">102,526 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">102,526 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Disposals </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(30)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(135)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(5)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(507)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(117)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(794)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Depreciation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(12,237)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(248,356)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,446)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(23,343)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(285,382)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Transfers to other categories of assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,117 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,011 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">242,342 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,349 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(307,693)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">56,874 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Transfers to intangible assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(811)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(787)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,598)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">502 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(533)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,314 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,283 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="31%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Balance at March 31, 2012 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">220,100 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,534,347 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,405,255 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">38,220 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,735,227 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,125,251 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">19,058,400 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="29%" colSpan=5>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Parent Company</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Land </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Buildings </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Machinery, equipment and facilities </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Furniture and fixtures </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Construction in progress </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other (*) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="31%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Balance at December 31, 2011 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">102,673 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">804,309 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,845,184 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,313 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,140,332 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">330,034 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">10,247,845 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Acquistions </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">743,203 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">743,203 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Capitalized interest </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">67,011 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">67,011 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Disposals </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Depreciation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(7,028)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(209,177)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(1,117)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(3,209)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(220,531)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Transfers to other categories of assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">995 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">135,772 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">308,934 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,263 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(451,094)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,130 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Transfers to intangible assets </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(270)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(270)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">477 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(494)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,800 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,783 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="31%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Balance at March 31, 2012 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">103,668 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">933,053 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,945,418 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,458 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,498,688 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">336,755 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">10,843,040 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(*) In consolidated, refer basically to railway assets, such as yards, tracks and railway sleepers. In the Parent Company, it also includes leasehold improvements, vehicles, hardware, mines and fields and replacement storeroom supplies.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The breakdown of the projects comprising construction in progress is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_63"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="87%" colSpan=9 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="45%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Project objective </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Start date </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scheduled completion </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Logistics </FONT></B></FONT></P></TD>

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   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>1,728 km expansion of the Transnordestina railroad mainly for the transportation of iron ore, limestone, soybeans, cotton, sugarcane, fertilizers, oil and fuels. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2009</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2014</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,928,089 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,489,871 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Expansion of MRS's capacity and current investments for maintenance of current operations. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">182,566 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">290,410 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Current investments for maintenance of current operations. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">16,037 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">15,479 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="45%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,126,692 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,795,760 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Mining </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Expansion of Casa de Pedra Mine production capacity to 42 Mtpa. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2007</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2012/13</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><SUP><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,398,639 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,322,433 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Expansion of TECAR to permit an annual exportation of 60 Mtpa. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2009</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2013</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">498,149 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">425,134 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Expansion of Namisa production capacity to 39 Mtpa. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2008</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2015/16 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">164,089 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">137,059 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Current investments for maintenance of current operations. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,646 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">46,421 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="45%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,071,523 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,931,047 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Steel </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Implementation of the long steel mill in the states of Rio de Janeiro, Minas Gerais and S&#227;o Paulo for production of rebar and wire rod. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2008</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2013 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><SUP><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(2)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">985,108 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">907,521 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Current investments for maintenance of current operations. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">376,231 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">256,718 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="45%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,361,339 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,164,239 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Cement </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Construction of cement plants in the Northeast and South regions, and in Arcos, MG. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2011</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2013 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><SUP><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(3)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">134,158 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">132,986 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Construcion of clinquer plant in the city of Arcos, MG. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2007</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><SUP><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(4)</FONT></FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">36,131 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">27,536 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Current investments for maintenance of current operations. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,384 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,751 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">175,673 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">165,273 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="58%" colSpan=3 noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total construction in progress </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,735,227 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,056,319 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(1)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Expected date for completion of the 40 Mtpa and 42 Mtpa Stages</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(2)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Expected date for completion of the Rio de Janeiro unit</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(3)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Expected date for completion of new grinding in Arcos - MG</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(4)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Start-up in March 2011, expected date for the completion of construction works: second half of 2012.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The costs classified in construction in progress comprise basically the acquisition of services, purchase of parts to be used as investments for improvement of performance, upgrading of technology, enlargement, expansion and acquisition of assets that will be transferred to the relevant line items and depreciated as from the time they are available for use.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The costs incurred to refurbish and replace property, plant and equipment items totaled R$72,301 as of March 31, 2012 (R$170,957 as of December 31, 2011), which were capitalized and will be depreciated over the period until the next maintenance event.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Other repair and maintenance expenses are charged to operating costs and expenses when incurred.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>In view of the need to review the useful lives at least every financial year, in 2011 management performed the review for all the Company&#8217;s units.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>As a result, the estimated useful lives for the current year are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="69%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Buildings </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">46 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">44 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Machinery, equipment and facilities </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13 </FONT></FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Furniture and fixtures </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10 </FONT></FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">34 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>a)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the Company capitalized borrowing costs amounting to R$102,526 (R$70,868 as of March 31, 2011) in consolidated and R$67,011 (R$46,523 as of March 31, 2011) in Company (see note 26). These costs are basically estimated for mining, cement, long steel and Transnordestina projects, mainly relating to: (i) Casa de Pedra Mine expansion; (ii) construction of the cement plant in Volta Redonda, RJ, and the clinker plant in the city of Arcos, MG; (iii) construction of the long steel mill in the city of Volta Redonda, RJ; and (iv) extension of Transnordestina railroad, which will connect the countryside of the northeast region to the Suape, State of Pernambuco, and Pec&#233;m, State of Cear&#225;, ports.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_64"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The rates used to capitalize borrowing costs are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012 </FONT></B></FONT></P></TD>

   <TD width="4%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2011 </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Rates </FONT></B></FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid" width="48%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Rates </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Specific </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Non-specific </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Specific </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Non-specific </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">projects </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">projects </FONT></B></FONT></P></TD>

   <TD width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid" width="24%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">projects </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="24%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">projects </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2; BORDER-RIGHT: windowtext 1pt solid" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">TJLP + 1.3% to 3.2% </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10.03%</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="4%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; BORDER-RIGHT: windowtext 1pt solid" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">TJLP + 1.3% to 3.2% </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9.12%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2; BORDER-RIGHT: windowtext 1pt solid" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">UM006 + 2.7% </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="4%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; BORDER-RIGHT: windowtext 1pt solid" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">UM006 + 2.7% </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>b)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Additions to depreciation, amortization and depletion for the period were distributed as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="25%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="25%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Production cost </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">276,374 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">205,429 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">215,107 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">167,203 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Selling expenses </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,990 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,758 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,519 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,322 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">General and administrative expenses </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,807 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,426 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,977 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,623 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other operating expenses </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,218 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,906 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,982 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,704 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="49%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">288,389 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">221,519 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">221,585 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">176,852 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>c)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Casa de Pedra mine is an asset that belongs to CSN, which has the exclusive right to explore such mine. Our mining activities of Casa de Pedra are based on the &#8216;Mine Manifest&#8217;, which grants CSN full ownership over the mineral deposits existing within our property limits.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012 the net property, plant and equipment of Casa de Pedra was R$2,478,096 (R$2,485,077 as of December 31, 2011), represented mainly by construction in progress amounting to R$1,398,639 (R$1,322,433 as of December 31, 2011). In the first quarter of 2012, interest capitalized in property, plant and equipment of Casa de Pedra totaled R$16,578 (R$10,066 in the first quarter of 2011).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>13.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>INTANGIBLE ASSETS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="39%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="29%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Goodwill </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Software </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Goodwill </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Software </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Balance at December 31, 2011 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">567,406 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">32,089 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,879 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">603,374 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,091 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,101 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">21,192 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Effect of foreign exchange differences </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11,240 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">18 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">27 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11,285 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Acquisitions through business combinations (*) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">191,507 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">191,507 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Acquistions and expenditures </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">472 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">492 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Transfer of property, plant and equipment </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,584 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">14 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,598 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">270 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">270 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="31%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amortization </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(2,970)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(37)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(3,007)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,054)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,054)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other changes </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">55 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">55 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Balance at March 31, 2012 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">770,153 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">30,796 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,355 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">805,304 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,091 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,317 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,408 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(*) &nbsp;Goodwill based on expected future earnings, arising on the business combination of CSN Steel S. L. with the companies Stahlwerk Th&#252;ringen Gmbh (SWT) and Gallardo Sections on January 31, 2012.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The useful life of software is one to five years. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Goodwill:</FONT></B></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> The economic basis of goodwill is the expected future earnings and, in accordance with the new accounting pronouncements, these amounts are not amortized since January 1, 2009, when they became subject only to impairment testing. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right">Page 63 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_65"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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<DIV align=left>

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<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Goodwill on Investments </FONT></B></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Balance at 3/31/2012 </FONT></B></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Investor </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Flat steel </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,091 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN </FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Subtotal Company </FONT></B></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,091 </FONT></B></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Mining </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">347,098 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Namisa </FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Packaging (*) </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">207,217 </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN </FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long steel </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">191,507 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Steel S.L. </FONT></FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total consolidated </FONT></B></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">758,913 </FONT></B></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(*) Goodwill of the cash-generating unit (CGU) Packaging is presented net of an impairment loss recorded in 2011 amounting to R$60,861.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>14.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>BORROWINGS, FINANCING AND DEBENTURES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Current liabilities </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Non-current liabilities </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Current liabilities </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Non-current liabilities </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Rates in (%) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Rates in (%) </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">FOREIGN CURRENCY </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Prepayment </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1% to 3.50%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">289,088 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">381,333 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,001,887 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">573,388 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1% to 3.50%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">289,088 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">381,333 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,001,887 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">573,388 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Prepayment </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3.51% to 7.50%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">127,844 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">148,597 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">783,503 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,281,171 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3.51% to 7.50%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">220,133 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">276,615 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,822,490 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,398,081 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Perpetual bonds </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7.00%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,480 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,553 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,822,100 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,875,800 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">9.75%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">28,499 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,191 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,002,155 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,031,690 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4.142%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,083 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,292 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">799,556</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">823,120</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5.65%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">22,350 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,058 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,306,480</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,436,478</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Fixed rate notes </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6.5%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">27,240 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">53,851 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,186,520 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,875,800 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">9.125%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">32,976 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,273 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,093,260</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,125,480</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Fixed rate notes </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6.875%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,349 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">26,598 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,366,575 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,406,850 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Fixed rate notes </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">10.00%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">15,184 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">34,390 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">728,840 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">750,320 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Financed imports </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6.01% to 8.00%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,402 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,248 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">66,645</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">27,310</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6.01% to 8.00%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,156 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,254 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,319</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,758</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CCB </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1.54%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">172,040 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">176,440 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1.54%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">172,040 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">176,440 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">BNDES/FINAME </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">T. Interest Res. 635/87 + 1.7% and 2.7% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">28,296 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,903 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">31,404 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">36,750 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">T. Interest Res. 635/87 + 1.7% and 2.7% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,890 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">23,425 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">28,812</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">33,466</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Intercompany </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Libor 6M + 2.25 and 2.26% and 3.9961%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">41,552 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">534,185 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">596,665</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">119,246</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1.40% to 8.00% and CDI + 1.2%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">19,472 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">105,442 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">385,005 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">145,438 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1.40% to 8.00% and Libor 6M + 2.56%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">261 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">87,811 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">737,894</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">984,546</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">9,374,634</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">9,004,517</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">817,529</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,505,686</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,653,469</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,515,017</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">LOCAL CURRENCY </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">BNDES/FINAME </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">TJLP + 1.5% to 5% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">388,465 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">430,432 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,938,487 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,744,727 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">TJLP + 1.5% to 3.2% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">250,761</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">226,891</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">854,156</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">782,416</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Debentures </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">103.6% and 110.8% CDI and 1% + TJLP </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">41,345 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">672,073 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,842,794 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,822,424 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">103.6% e 110.8% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">23,418</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">655,755</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,150,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,150,000</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Prepayment </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">104.8%. 109.5% and 111% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">598,905 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">537,128 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,523,224 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,523,224 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">104.8% and 109.5 % CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">516,571</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">510,072</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,466,667</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,466,667</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CCB </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">112.5% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">85,558 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">101,280 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,200,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,200,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">112.5% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">85,558</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">101,280</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,200,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7,200,000</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Promissory notes </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">105.8% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">800,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">105.8% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">800,000</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Intercompany </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">100.5% to 105.5% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,388,246</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,356,010</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,076 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">9,509 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">31,922 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">37,058 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,847</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,845</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,539</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,528</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,925,349</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,750,422</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">16,536,427</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">16,327,433</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,066,401</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,851,853</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,676,362</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,604,611</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Total borrowings and financing </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,663,243</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,734,968</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,911,061</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,331,950</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,883,930</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,357,539</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">19,329,831</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">19,119,628</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Transaction costs and issue premiums </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(37,231)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(32,885)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(127,499)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(145,445)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(30,197)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(27,398)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(107,726)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">(114,133)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Total borrowings and financing + transaction costs </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,626,012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,702,083</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,783,562</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,186,505</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,853,733</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,330,141</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">19,222,105</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">19,005,495</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The balances of prepaid intragroup borrowings related to the Company total R$2,131,275 as of March 31, 2012 (R$2,244,927 as of December 31, 2011), see note 4.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Funding transaction costs</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012 funding transaction costs are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_66"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Consolidated </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Short term </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="47%" colSpan=11 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Long term</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2013</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2016</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2017</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">After 2017 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Total </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">TJ (1) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">TIR (2) </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Fixed rate notes </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,620 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,986 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,888 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,529 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">658 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">658 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,938 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">9,657 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6.5% to 10% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6.75% to 10.7% </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">BNDES </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">603 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">368 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">423 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">389 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">389 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">389 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,533 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5,491 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1.3% to 1.7% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1.44% to 7.39% </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">BNDES </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,578 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,183 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">284 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,467 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2.2% to 3.2% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7.59% to 9.75% </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Prepayment </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8,059 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,005 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,397 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,219 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,219 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,219 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,354 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">20,413 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">109.50% and 110.79% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">10.08% to 12.44% </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Prepayment </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">509 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">382 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">509 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">509 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">509 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">346 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,255 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2.37% and 3.24% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2.68% to 4.04% </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CCB </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">17,472 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,852 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">17,651 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">13,902 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">13,902 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">10,056 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">18,046 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">85,409 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">112.5% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11.33% to 14.82%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,390 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">423 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">427 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">427 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">427 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">427 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">676 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,807 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">105.8% and 110.8% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12.59% and 13.27%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">37,231 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">23,199 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">27,579 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">18,975 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">18,104 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">14,095 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,547 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">127,499 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Short term </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="47%" colSpan=11 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Long term </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2013</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2014</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2015</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2016</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2017</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">After 2017 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Total </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">TJ (1) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">TIR (2) </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Fixed rate notes </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">701 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,418 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,418 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">9.13%</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">10.01%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">BNDES </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">307 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">230 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">239 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">205 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">205 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">205 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,047 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,131 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1.30% to 1.70% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1.44% to 7.39% </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">BNDES </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,453 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,090 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">242 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,332 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2.2% to 3.2% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">7.59% to 9.75% </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Prepayment </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6,309 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,693 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">4,647 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">469 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">469 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">469 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">625 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,372 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">109.50% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">10.08%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Prepayment </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">509 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">382 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">509 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">509 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">509 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">346 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,255 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2.37% and 3.24% </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2.68% to 4.04%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">CCB </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">17,472 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,852 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">17,651 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">13,902 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">13,902 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">10,057 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">18,046 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">85,410 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">112.5% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11.33% to 14.82% </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3,446 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">423 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">427 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">427 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">427 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">427 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">677 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,808 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">105.8 and 110.8% CDI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12.59% and 13.27%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">30,197 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">20,088 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">23,715 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">15,512 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">15,512 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,504 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">21,395 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">107,726 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(1)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>TJ &#8211; Annual interest rate contracted</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(2)</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>TIR &#8211; Annual internal rate of return</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Maturities of borrowings, financing and debentures presented in non-current liabilities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the principal of long-term borrowings, financing and debentures by maturity year is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="36%" noWrap>&nbsp;</TD>

   <TD width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="31%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

   <TD width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="31%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2013</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,152,537 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8%</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,304,827 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white" width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2014</FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,063,558 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8%</FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,379,515 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2015</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,484,432 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10%</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,264,840 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white" width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2016</FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,652,793 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10%</FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,573,744 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2017</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,382,425 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13%</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,380,166 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white" width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">After 2017</FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11,353,216 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">44%</FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,426,739 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">44%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Perpetual bonds</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,822,100 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7%</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white" width="36%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25,911,061 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">100%</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">19,329,831 </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: white" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">100%</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Amortizations and new borrowings, financing and debentures </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The table below shows the amortizations and new funding in the current period:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="40%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Opening balance </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">27,888,588 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,089,447 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,335,636 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">15,183,349 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Funding </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,655,728 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,824,012 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">939,181 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,314,956 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amortization </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,513,568)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(3,614,606)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,406,169)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(2,818,933)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other (*) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">378,826 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,589,735 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">207,190 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,656,264 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Closing balance </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">28,409,574 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">27,888,588 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,075,838 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,335,636 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(*) Includes unrealized foreign exchange differences and inflation adjustments.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Loan and financing contracts with certain financial institutions contain some covenants that are usual in financial agreements in general and the Company is compliant with them as of March 31, 2012.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_67"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In January 2012, the Company secured a financing facility contracted by its subsidiary CSN Steel S.L., amounting to &#8364;120 million, to partially finance the acquisition of all the shares held by Grupo Alfonso Gallardo, S.L.U. (&#8220;Gallardo Group&#8221;) in the companies Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;) and Gallardo Sections S.L.U.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In January 2012, the Company priced, through its wholly-owned subsidiary CSN Resources S.A., an additional bond issue amounting to US$200 million, by reopening the US$1 billion bonds, maturing in July 2020.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In March 2012, the Company conducted the first issue of commercial promissory notes (&#8220;Promissory Notes&#8221;) for public distribution with restricted efforts. The Issue comprised 40 promissory notes with unit face value of R$20 million, totaling R$ 800 million, which were fully subscribed and paid in. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Debentures&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>i. Companhia Sider&#250;rgica Nacional</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>4<SUP>th</SUP> issue</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In February 2012, the Company settled the fourth issue debentures amounting to R$600,000 in principal and R$35,285 in interest.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>5<SUP>th</SUP> issue</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As approved at the Board of Directors&#8217; meeting held on July 12, 2011, the Company issued on July 20, 2011, 115 nonconvertible, unsecured debentures, in single series, with a unit face value of R$10 million. These debentures were issued in the total amount of R$1,150,000 and the proceeds from their trading with financial institutions were received on August 23, 2011.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The face value of these debentures earns interest equivalent to 110.8% of CDI, as released by Cetip, per year, and maturity of the face value is schedule for July 20, 2019, with an early redemption option. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>ii. Transnordestina Log&#237;stica </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>On March 10, 2010 Transnordestina Log&#237;stica S.A obtained approval from the Northeast Development Fund - FDNE for issue of the 1<SUP>st</SUP> Series of its 1<SUP>st</SUP> Private Issue of convertible debentures, consisting of eight series in the total amount of R$2,672,400. The first, third, and fourth series refer to funds to be invested in the Miss&#227;o Velha &#8211; Salgueiro &#8211; Trindade e Salgueiro &#8211; Porto de Suape module, which also includes the investments in the Suape Port, and the reconstruction of the Cabo to Porto Real de Col&#233;gio railroad section. The second, fifth and sixth series refer to funds to be invested in the Eliseu Martins &#8211; Trindade module. The seventh and eighth series refer to funds to be invested in the Miss&#227;o Velha &#8211; Pec&#233;m module, which also includes the investments in the Pec&#233;m Port. </FONT></FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">General </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Number </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Unit </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Balance (R$) </FONT></B></FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Issue </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Series </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">meeting </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">issued </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">face value </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Issue </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Maturity </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Charges </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1st </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1st </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2/8/2010</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">336,647,184</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ 1.00</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">03/09/10</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10/3/2027</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">TJLP + 0.85% p.a. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">336,647</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1st </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2nd </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2/8/2010</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">350,270,386</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ 1.00</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11/25/2010</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10/3/2027</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">TJLP + 0.85% p.a. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">350,270</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1st </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3rd </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2/8/2010</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">338,035,512</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ 1.00</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/01/10</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10/3/2027</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">TJLP + 0.85% p.a. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">338,036</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1st </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4th </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2/8/2010</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">468,293,037</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ 1.00</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10/04/11</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10/3/2027</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">TJLP + 0.85% p.a. </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">468,293</FONT></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Guarantees provided</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Guarantees provided for the borrowings comprise property, plant and equipment items and sureties, as shown in the table below, and do not include guarantees provided for subsidiaries and jointly controlled entities.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_68"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<TR>

   <TD width="70%" noWrap>&nbsp;</TD>

   <TD width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Property, plant and equipment </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">17,297</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">19,383</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Collateral transfer (*) </FONT></FONT></P></TD>

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   <TD vAlign=bottom width="14%" noWrap>&nbsp;</TD>

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   <TD vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">87,550</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">17,297</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">106,933</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US><BR>(*) In March 2012 the Company settled the loan guaranteed by a collateral transfer and paid R$89,438.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>15.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>FINANCIAL INSTRUMENTS </FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>I - Identification and measurement of financial instruments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company enters into transactions involving various financial instruments, mainly cash and cash equivalents, including short-term investments, marketable securities, trade receivables, trade payables, and borrowings and financing. Additionally, it also carries out transactions involving derivative financial instruments, especially exchange and interest rate swaps.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Considering the nature of these instruments, their fair value is basically determined by the use of Brazil&#8217;s money market and mercantile and futures exchange quotations. The amounts recorded in current assets and current liabilities have immediate liquidity or short-term maturity, mostly less than three months. Considering the maturities and features of such instruments, their carrying amounts approximate their fair values.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Classification of financial instruments </FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Consolidated </FONT></B></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Notes </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Available for sale </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Fair value through profit or loss </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Loans and receivables - effective interest rate </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Other liabilities - amortized cost method </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Balances &nbsp;</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Available for sale </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Fair value through profit or loss </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Loans and receivables - effective interest rate </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Other liabilities - amortized cost method </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Balances &nbsp;</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Assets </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Cash and cash equivalents </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">5 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">14,144,014 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">14,144,014 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">15,417,393 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">15,417,393 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Trade receivables, net </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">6 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,786,777 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,786,777 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,558,997 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,558,997 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Guarantee margin on financial instruments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8 and 15 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">268,986 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">268,986 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">407,467 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">407,467 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Derivative financial instruments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">8 and 15 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">26,801 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">26,801 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">55,115 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">55,115 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Non-current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Other receivables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">57,678 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">57,678 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">57,797 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">57,797 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Investments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,505,677 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,505,677 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,089,309 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,089,309 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Derivative financial instruments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">10 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">250,724 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">250,724 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">376,344 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">376,344 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Securitization reserve fund </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Short-term investments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">116,766 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">116,766 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">139,679 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">139,679 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Liabilities </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Borrowings, financing and debentures </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">14 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,663,243 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,663,243 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,734,968 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,734,968 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Derivative financial instruments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">15 and 16 </FONT></FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,243 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,243 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,971 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,971 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Trade payables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,334,602 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,334,602 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,232,075 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">1,232,075 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Non-current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Borrowings, financing and debentures </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">14 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,911,061 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,911,061 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,331,950 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">25,331,950 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Derivative financial instruments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">15 and 16 </FONT></FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">249,727 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">249,727 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">373,430 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">373,430 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Fair value measurement </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The financial instruments recognized at fair value require the disclosure of fair value measurements at three hierarchy levels.</FONT></FONT></P>

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<P style="TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt 20.9pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Level 2: other available inputs, except those of Level 1 that are observable for the asset or liability, whether directly (i.e., prices) or indirectly (i.e., derived from prices)</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0in 21.3pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Level 3: inputs unavailable due to slight or no market activity and which is significant for the definition of the fair value of assets. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The following table shows the financial instruments recognized at fair value using a valuation method:</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_69"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Consolidated </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Level 1 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Level 2 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Level 3 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Balances </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Level 1 </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Level 2 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Level 3 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Balances </FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Assets </FONT></B></FONT></P></TD>

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   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Financial assets at fair value through profit or loss </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Derivative financial instruments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">26,801 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">26,801 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">55,115 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">55,115 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="36%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Non-current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%"><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Available-for-sale financial assets </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Investimentos &nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,505,677 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,505,677 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,089,309 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,089,309 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Financial assets at fair value through profit or loss </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Derivative financial instruments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">250,724 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">250,724 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">376,344 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">376,344 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="36%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="36%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Liabilities </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Financial liabilities at fair value through profit or loss </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Derivative financial instruments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,243 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">11,243 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,971 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">2,971 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="36%">

   <P style="TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Non-current </FONT></B></FONT></P></TD>

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   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US>Financial liabilities at fair value through profit or loss </FONT></B></FONT></P></TD>

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   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">Derivative financial instruments </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">249,727 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">249,727 </FONT></FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right><FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></FONT></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">373,430 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt">373,430 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><EM><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; FONT-SIZE: 9pt" lang=EN-US>II &#8211; investments in financial instruments classified as available for sale and measured at fair value through OCI</FONT></B></FONT></EM></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>These consist mainly of investments in shares acquired in Brazil and abroad involving top ranked companies classified by international rating agencies as investment grade, which are recognized in non-current assets, and any gains or losses are recognized in equity, where they will remain until actual realization of the securities or when any loss is considered unrecoverable.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><EM>&nbsp;</EM>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Potential impairment of financial assets classified available for sale</FONT></I></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company has investments in common (USIM3) and preferred (USIM5) shares, designated as available-for-sale financial assets as they do not meet the criteria to be classified within any of the other categories of financial instruments (loans and receivables, held-to-maturity investments or financial assets at fair value through profit and loss). The asset is classified as a non-current asset under line item &#8220;investments&#8221; and is carried at fair value based on the quoted price on the stock exchange (BOVESPA). The company continues to evaluate strategic alternatives with respect to its investment in Usiminas.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Considering the volatility of the quotations of Usiminas shares in 2011 and the first quarter of 2012, the Company has evaluated whether, at the end of the reporting period, there is objective evidence of impairment of its investments in Usiminas. Management evaluated if the decline in market value of Usiminas shares should be considered either significant or prolonged. Determining whether a decline is significant or prolonged requires judgment and according to CSN&#8217;s accounting policy, which is based on national and international application, an instrument by instrument analysis is made based on quantitative and qualitative information available in the market. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>To determine the period of decline of the market value of the instruments below their cost, CSN compared their respective average cost of acquisition at the end of the reporting period with the last trading date. Management is of the opinion that, considering its accounting policy, the decline is not significant or prolonged.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Management considers that during the period under analysis there have not been (i) structural technology and market changes in the segment where Usiminas operates; (ii) changes in prevailing laws and regulations, or (iii) changes in Usiminas&#8217; financial position (liquidity, credit risk, cash flow, etc.). </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Considering the quantitative and qualitative analyses above, Management is of the opinion that there is no objective evidence of impairment of the investment in Usiminas shares as of March 31, 2012 and consequently has not reclassified losses thus far recognized in other comprehensive income amounting to R$508,892, net of income tax and social contribution. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>III &#8211; Fair values of assets and liabilities as compared to their carrying amounts</FONT></B></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_70"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Financial assets and liabilities at fair value through profit or loss are recognized in current and non-current assets and liabilities, and any gains and possible losses are recognized as finance income or finance costs, respectively.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The amounts are recognized in the interim financial statements at their carrying amounts, which are substantially similar to those that would be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly from their carrying amounts, except the amounts below.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The estimated fair values of consolidated long-term borrowings and financing were calculated at prevailing market rates, taking into consideration the nature, terms and risks similar to those of the recorded contracts, as compared below:</FONT></FONT></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Carrying amount </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Carrying amount </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Perpetual bonds </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,824,580 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,841,036 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,878,353 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,819,903 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fixed rate notes </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,357,362 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,851,250 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,183,690 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,832,364 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>IV&nbsp;&nbsp;&nbsp;&nbsp; Financial risk management policy</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company has and follows a policy of managing its risks, with guidelines regarding the risks incurred by the company. Pursuant to this policy, the nature and general position of financial risks are regularly monitored and managed in order to assess the results and the financial impact on cash flow. The credit limits and the quality of counterparties&#8217; hedge instruments are also periodically reviewed. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The risk management policy was established by the Board of Directors. Under this policy, market risks are hedged when it is considered necessary to support the corporate strategy or when it is necessary to maintain a level of financial flexibility.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Under the terms of the risk management policy, the Company manages some risks by using derivative financial instruments. The Company&#8217;s risk policy prohibits any speculative deals or short sales.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt 14.15pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Liquidity risk</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>It is the risk that the Company may not have sufficient net funds to honor its financial commitments as a result of mismatching of terms or volumes between scheduled receipts and payments.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>To manage cash liquidity in domestic and foreign currency, assumptions of future disbursements and receipts are established and daily monitored by the treasury area. The payment schedules for the long-term portions of borrowings, financing and debentures are shown in note 14.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The following table shows the contractual maturities of financial liabilities, including accrued interest.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">At March 31, 2012 </FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Less than one year </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>From one to two years </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>From two to five years </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Over five years </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Borrowings, financing and debentures </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,663,243 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,216,095 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8,519,649 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,175,317 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">28,574,304 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Derivative financial instruments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11,243 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">249,727 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">260,970 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade payables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,334,602 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,334,602 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">At December 31, 2011 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Borrowings, financing and debentures </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,734,968 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,263,889 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,724,483 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">16,343,578 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">28,066,918 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Derivative financial instruments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,971 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">373,430 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">376,401 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade payables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,232,075 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,232,075 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Foreign exchange rate risk</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right">Page 69 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_71"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

<DIV>

<DIV align=left>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company assesses its exchange exposure by subtracting its liabilities from its assets denominated in US dollar, euro and Australian dollar, thus arriving at its net exchange exposure, which is the foreign currency exposure risk. Therefore, besides the trade receivables arising from exports and investments overseas that in economic terms constitute natural hedges, the Company further considers and uses various financial instruments, such as derivative instruments (US$ to real and euro to dollar swaps, and forward exchange contracts, etc.) to manage its risks of fluctuations in currencies other than the Brazilian real.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Policies on the use of hedging derivatives</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The Company&#8217;s financial policy reflects the parameters of liquidity, credit and market risks approved by the Audit Committee and Board of Directors. The use of derivative instruments in order to prevent fluctuations in interest and exchange rates from having a negative impact on the company&#8217;s balance sheet and income statement should consider the same parameters. As provided for in internal rules, this financial investment policy has been approved and is being managed by the finance officers. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>At the meetings of the Executive Officers and Board of Directors, the officers and directors routinely present and discuss the Company&#8217;s financial positions. Under the by-laws, transactions involving material amounts require the prior approval of management bodies. The use of other derivative instruments is contingent upon the express prior approval of the Board of Directors. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>To finance its activities, the Company resorts to the capital markets, both locally and internationally, and based on the indebtedness profile it is seeking, part of the debt is pegged to foreign currency, basically to the US dollar, which causes Management to seek hedging for debt through derivative financial instruments. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>To contract derivative financial instruments for hedging within the internal control structure, the following policies are adopted:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>ongoing calculation of exchange exposure that occurs by analyzing assets and liabilities exposed to foreign currency, under the following terms: (i) trade receivables and payables in foreign currency; (ii) cash and cash equivalents and debts in foreign currency considering the maturity of the assets and liabilities exposed to exchange fluctuations;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>presentation of the financial position and exchange exposure on a routine basis at meetings of the Executive Officers and Board of Directors that approve the hedging strategy;</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>carrying out derivative hedging transactions only with leading banks, diluting the credit risk through diversification among these banks.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The consolidated net exposure as of March 31, </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>2012 </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>is as follows.</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Foreign Exchange Exposure </FONT></B></FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(Amounts in <BR>US$ thousand) </FONT></B></FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(Amounts in <BR>&#8364; thousand) </FONT></B></FONT></P></TD></TR>

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   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Cash and cash equivalents overseas </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,867,687&nbsp;</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">797 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Derivative guarantee margin </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">147,624&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade receivables - foreign market </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">258,745&nbsp;</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">79,576 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other assets </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">142,175&nbsp;</FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">100,271 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total assets </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,416,231&nbsp;</FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">180,644 </FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Borrowings and financing </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(5,365,105)&nbsp; </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(120,775)</FONT></FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Trade payables </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(54,588)&nbsp; </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">&nbsp; </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,875)</FONT></FONT></P></TD></TR>

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   <TD vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other liabilities </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(29,231)&nbsp; </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total liabilities </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(5,448,924)&nbsp; </FONT></B></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(122,650)</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Gross exposure </FONT></B></FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">967,307&nbsp;</FONT></B></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">57,994 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" vAlign=top width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Notional amount of derivatives contracted </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">266,193&nbsp;</FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(90,000)</FONT></FONT></P></TD></TR>

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   <TD vAlign=top width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Net exposure </FONT></B></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,233,500&nbsp;</FONT></B></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(32,006)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_72"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Gains and losses on these transactions are consistent with the policies and strategies defined by management.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Exchange swap transactions </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Company carries out exchange swap transactions in order to hedge its assets and liabilities against any fluctuations in the US dollar-real parity. This hedge through exchange swaps provides the Company, through the long position of the contract, with a forward rate agreement (FRA) gain on the exchange coupon, which at the same time improves our investment rates and reduces the cost of our funding in the international market. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the Company had a long position in an exchange swap of US$366,193 thousand (US$367,856 thousand as of December 31, 2011) where we received, in the long position, exchange rate change plus 3.4541% per year on average (in 2010, exchange rate change plus 3.4541% per year) and paid 100% of CDI, in the short position of the exchange swap contract. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012 the Company had a short position in a foreign exchange swap of US$100,000 thousand (US$100,000 thousand as of December 31, 2011) where we paid, in the short position, exchange rate change plus interest of 1.7625% per year on average (in 2011, exchange rate change plus 2.39% per year) and received 100% of CDI in the long position of the foreign exchange swap.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the consolidated position of these contracts is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>a) Outstanding transactions</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>US dollar-to-real exchange swap</FONT></B></FONT></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" colSpan=7 noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Counterparties </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Transaction maturity </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount receivable/ (payable) </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount receivable/ (payable) </FONT></B></FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">HSBC </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4/12/2012 to 12/3/2012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">104,644 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">195,894 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(186,701)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,193 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">101,317 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">192,919 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(176,554)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">16,365 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Soci&#233;t&#233; G&#233;n&#233;rale </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4/2/2012 to 8/1/2012 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,308 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">24,912 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(23,564)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,348 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">16,635 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">30,554 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(29,362)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,192 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Bradesco </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">8/1/2012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,327 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,169 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(5,884)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">285 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,327 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,279 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(5,743)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">536 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Banco do Brasil </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7/2/2012 to 9/3/2012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,654 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,386 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(12,719)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(333)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,654 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,605 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(12,413)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">192 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Santander </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4/2/2012 to 1/2/2015</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">19,981 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">37,886 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(37,729)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">157 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">14,990 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">28,900 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(28,416)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">484 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Goldman Sachs </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1/2/2015</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">193,327 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">377,906 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(362,701)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">15,205 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">190,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">371,174 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(352,514)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">18,660 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Banco de Tokyo </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/15/2016</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">24,952 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">45,939 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(47,855)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,916)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">24,952 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">46,980 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(47,960)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(980)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">JP Morgan </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,981 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">19,127 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(18,556)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">571 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">366,193 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">701,092 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(677,153)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,939 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">367,856 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">708,538 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(671,518)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">37,020 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Real-to-US dollar exchange swap&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" colSpan=7 noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" colSpan=7 noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Counterparties </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Transaction maturity </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount (payable) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount (payable) </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Goldman Sachs </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4/2/2012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(100,000)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">176,552 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(182,688)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(6,136)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(70,000)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">130,266 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(130,787)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(521)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Santander </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(30,000)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">55,704 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(56,030)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(326)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="12%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(100,000)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">176,552 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(182,688)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(6,136)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(100,000)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">185,970 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(186,817)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(847)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Iene-to-US dollar exchange swap&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_73"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" colSpan=7 noWrap align=right>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional (Yen) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional (Yen) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Counterparty </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Transaction maturity </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount receivable </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount receivable </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="11%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Deutsche Bank </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/12/2013</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">59,090,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">250,724 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(249,727)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">997 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">59,090,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">374,455 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(373,430)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,025 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">59,090,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">250,724 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(249,727)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">997 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">59,090,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">374,455 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(373,430)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,025 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>b) Settled transactions </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>US dollar-to-real exchange swap&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="31%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation 2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation 2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Counterparties </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount received/ (paid) in 2012 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value in 2011 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Impact on P&amp;L in 2012 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Goldman Sachs </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">570,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,070,339 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,079,105)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(8,766)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(8,766)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Soci&#233;t&#233; G&#233;n&#233;rale </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,327 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,946 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(6,423)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(477)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,327 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,405 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(6,364)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">41 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(518)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">JP Morgan </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,981 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">17,577 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(18,821)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,244)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,981 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">19,126 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(18,556)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">570 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,814)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">583,308 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,093,862 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,104,349)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(10,487)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,308 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25,531 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(24,920)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">611 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(11,098)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Real-to-US dollar exchange swap&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="31%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation 2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="30%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation 2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Counterparties </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount received in 2012 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value in 2011 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Impact on P&amp;L in 2012 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Santander &nbsp;</FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(70,000)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">131,472 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(122,092)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,380 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(70,000)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">130,265 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(130,787)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(522)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,902 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Goldman Sachs </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(30,000)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">56,221 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(52,304)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,917 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(30,000)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">55,704 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(56,030)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(326)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,243 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(100,000)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">187,693 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(174,396)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,297 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(100,000)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">185,969 </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(186,817)</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(848)</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">14,145 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The position of outstanding transactions was recorded in the Company&#8217;s assets and liabilities and totals R$23,939 in assets and R$6,136 in liabilities as of March 31, 2012 (R$37,020 in assets and R$847 in liabilities as of December 31, 2011) and its effects are recognized in the Company&#8217;s finance income (costs) as loss totaling R$16,852 as of March 31, 2012 (loss of R$96,791 as of March 31, 2011) (see note 26).</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Euro-to-US dollar exchange swap</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>In addition to the swaps above, the Company also contracted NDFs (non-deliverable forwards) to hedge its euro-denominated assets. Basically the Company contracted financial derivatives for its euro-denominated assets, where it will receive the difference between the US dollar exchange rate change for the period, multiplied by the notional amount (long position) and pay the difference between the exchange rate change in euro for the period on the notional euro amount on the contract date (short position). In general, these are transactions conducted in the Brazilian over-the-counter market that have as counterparties prime financial institutions, contracted under the exclusive funds.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the consolidated position of these contracts was as follows:</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>a) Outstanding transactions</FONT></B></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_74"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) </FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Counterparties </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Transaction maturity </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(&#8364; thousand) </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount receivable </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(&#8364; thousand) </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount receivable </FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Ita&#250; BBA </FONT></I></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4/20/2012</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">32,548 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(33,360)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(812)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Deutsche Bank </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4/20/2012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">32,555 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(33,360)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(805)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">51,521 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(48,556)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,965 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Goldman Sachs </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4/20/2012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">40,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">52,076 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(53,376)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,300)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">40,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">128,761 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(121,389)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,372 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">HSBC </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">51,469 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(48,556)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,913 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">90,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">117,179 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(120,096)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(2,917)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">90,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">231,751 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(218,501)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,250 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>b) Settled transactions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="31%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation 2012 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="29%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation 2011 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Counterparties </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(&#8364; thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Received/ (paid) in 2012 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(&#8364; thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value in 2011 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Impact on P&amp;L in 2012 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Deutsche Bank </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">95,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">220,687 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(217,148)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,539 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">64,345 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(60,694)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,651 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(112)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Goldman Sachs </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">130,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">302,989 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(298,414)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,575 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">40,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">102,990 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(97,111)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,879 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,304)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">HSBC </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">64,416 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(60,224)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,192 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">64,417 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(60,694)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,723 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">469 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Itau BBA </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">43,640 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(45,199)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,559)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,559)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">270,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">631,732 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(620,985)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,747 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">90,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">231,752 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(218,499)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,253 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(2,506)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The position of outstanding transactions was recognized in the Company&#8217;s assets and totals R$2,917 as of March 31, 2012 (R$13,250 in assets as of December 31, 2011) and its effects are recognized in the Company&#8217;s finance income (costs) as a loss totaling R$5,423 as of March 31, 2012 (loss of R$11,548 as March 31, 2011) (see note 26).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Other derivatives</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The subsidiary Lusosider carries out transactions with derivatives to hedge its exposure against the euro-dollar fluctuation. As of March 31, 2012, the gross position was US$20,098 and the net position was US$32,950 (including the derivatives below).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>a) Outstanding transactions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom rowSpan=2 width="10%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional<BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="18%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom rowSpan=2 width="10%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional<BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="18%" colSpan=3 align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Counterparties </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Transaction maturity </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount receivable </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount receivable </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">BES </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4/30/2012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">53,048 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">96,711 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(94,213)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,498 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,208 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">38,017 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(34,049)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,968 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">BNP </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">15,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">28,219 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(25,453)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,766 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">53,048 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">96,711 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(94,213)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,498 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">35,208 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">66,236 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(59,502)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,734 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The position of outstanding transactions was recognized in the Company&#8217;s assets and totals R$2,498 as of March 31, 2012 (R$6,734 in assets as of December 31, 2011).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>On September 26, 2011, the subsidiary Tecon settled its derivative transactions used to hedge its exposure to real-yen fluctuation, the notional amount of which was JPY 2,390,398.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Gains or losses on these transactions as of March 31, 2012 are consolidated into the Company&#8217;s finance income (costs) as a loss totaling R$1,293 (loss of R$4,582 in 2011) (see note 26).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Sensitivity analysis of the US dollar-to-real exchange swap</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV>

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<P style="TEXT-ALIGN: right">Page 73 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_75"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of March 31, 2012 recognized in assets, amounting to R$29,939 and in liabilities, amounting to R$6,136. The Company considered the scenarios below for the real-dollar parity volatility. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 1: (25% real appreciation) R$-US$ parity of 1.3666;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 2: (50% real appreciation) R$-US$ parity of 0.9111;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 3: (25% real depreciation) R$-US$ parity of 2.2776;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 4: (50% real depreciation) R$-US$ parity of 2.7332.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="32%" colSpan=5 noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Risk </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional amount <BR>(US$ thousand) </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 1 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 2 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 3 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 4 </FONT></B></FONT></P></TD></TR>

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<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1.8221</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1.3666 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">0.9111 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2.2776 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2.7332 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="27%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Net currency swap </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Dollar fluctuation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">266,193 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(121,258)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(242,515)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">121,258 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">242,515 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="27%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="28%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Exchange position functional currency BRL </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Dollar fluctuation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">967,307 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(440,633)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(881,265)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">440,633 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">881,265 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>(not incluing exchange derivatives above) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="27%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated exchange position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Dollar fluctuation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,233,500 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(561,891)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,123,780)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">561,891 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,123,780 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(including exchange derivatives above) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Sensitivity analysis of the euro-to-dollar exchange swap</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of March 31, 2012 recognized in assets, amounting to R$2,917. The Company considered the scenarios below for the real-euro parity volatility.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 1: (25% real appreciation) R$-Euro parity of 1.8225;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 2: (50% real appreciation) R$-Euro parity of 1.2150;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 3: (25% real depreciation) R$-Euro parity of 3.0375;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 4: (50% real depreciation) R$-Euro parity of 3.6450.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%" colSpan=5 noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Risk </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional amount <BR>(&#8364; thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 1 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 2 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 3 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 4 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2.4300</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1.8225</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1.2150</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3.0375</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3.6450</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Net currency swap </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Euro fluctuation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(90,000)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">54,675 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">109,350 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(54,675)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(109,350)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Exchange position functional currency BRL </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Euro fluctuation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">57,994 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(35,231)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(70,463)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">35,231 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">70,463 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>(not incluing exchange derivatives above) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated exchange position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Euro fluctuation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(32,006)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">19,444 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">38,887 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(19,444)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(38,887)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(including exchange derivatives above) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Sensitivity analysis of the dollar-to-euro swap</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of March 31, 2012 recognized in assets, amounting to R$2,498. The Company considered the scenarios below for the real-euro parity volatility.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 1: (25% real appreciation) Euro-dollar parity of 1.0002;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 2: (50% real appreciation) Euro-dollar parity of 0.6668;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 3: (25% real depreciation) Euro-dollar parity of 1.6670;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 4: (50% real depreciation) Euro-dollar parity of 2.0004.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_76"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Risk </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional amount <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 1 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 2 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 3 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Scenario 4 </FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1.3336</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1.0002</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">0.6668</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1.6670</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2.0004</FONT></FONT></P></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Net currency swap </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Dollar fluctuation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">53,048 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(17,686)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(35,372)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">17,686 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">35,372 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Exchange position functional currency EURO </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Dollar fluctuation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(20,098)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,701 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">13,402 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(6,701)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(13,402)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>(not incluing exchange derivatives above) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated exchange position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Dollar fluctuation </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">32,950 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(10,985)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(21,970)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,985 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">21,970 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(including exchange derivatives above) </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Interest rate risk</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Short-term and long-term liabilities indexed to floating interest rate and inflation indices. Due to this exposure, the Company undertakes derivative transactions to better manage these risks.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Interest rate swap transactions (LIBOR to CDI)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The objective of these transactions is to hedge transactions indexed to US dollar LIBOR against fluctuations in Brazilian interest rates. Basically, the Company carried out swaps of its obligations indexed to the LIBOR, in which it receives interest of 1.25% p.a. on the notional value of the dollar (long position) and pays 96% of the CDI on the notional amount in reais at the contract date (short position). The notional amount of this swap as of March 31, 2012 is US$107,500 thousand, hedging an export prepayment transaction in the same amount. The gains and losses on these contracts are directly related to fluctuations in exchange rates (US$) and interest rates (LIBOR and CDI). In general, these are transactions conducted in the Brazilian over-the-counter market that have as counterparty a prime financial institution.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the position of these contracts is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>a)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Outstanding transactions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" colSpan=7 noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="37%" colSpan=7 noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value (market) (R$) </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Counterparties </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Transaction maturity </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount payable </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Transaction maturity </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Amount payable </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSFB </FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5/14/2012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">107,500 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">182,443 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(184,269)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,826)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2/13/2012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">107,500 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">182,432 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(184,556)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(2,124)</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>b)</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Settled transactions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="28%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation 2012 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="27%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Appreciation 2011 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Counterparty </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Maturity </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Paid in 2012 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional <BR>(US$ thousand) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Long position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Short position (R$) </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Fair value in 2011 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Impact on P&amp;L in 2012 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSFB &nbsp;</FONT></I></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2/13/2012</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">107,500 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">183,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(186,817)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(3,817)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">107,500 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">182,432 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(184,556)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(2,124)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,693)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">107,500 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">183,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(186,817)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(3,817)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">107,500 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">182,432 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(184,556)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(2,124)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,693)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The position of outstanding transactions was recognized in the Company&#8217;s liabilities and totals R$1,826 as of March 31, 2012 (R$2,124 in liabilities as of December 31, 2011) and its effects were recognized in the Company&#8217;s finance income (costs) as loss totaling R$3,519 2(loss of R$5,254 as of March 31, 2011).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Sensitivity analysis of interest rate swaps (LIBOR to CDI)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of March 31, 2012 recognized in liabilities, amounting to R$1,826. The Company considered the following scenarios for the LIBOR (US$) and CDI interest rates volatility.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_77"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Notional </FONT></B></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(US$ thousand) </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Risk </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25%</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">50%</FONT></B></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25%</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">50%</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>LIBOR-to-CDI interest rate swap </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">107,500 &nbsp;</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="12%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(Libor) US$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(17,883)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(21,116)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">17,883 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">21,116 </FONT></FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Sensitivity analysis of changes in interest rates</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company considers the effects of a 5% increase or decrease in interest rates on its outstanding borrowings, financing and debentures as of March 31, 2012 in the consolidated interim financial statements. </FONT></FONT></P>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid" width="49%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Impact on profit or loss </FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Changes in interest rates </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">% a.a </FONT></B></FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">TJLP </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6.00 </FONT></FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD width="23%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,348 </FONT></FONT></P></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="24%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,372 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Libor </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">0.73 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="23%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,990 </FONT></FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2" width="24%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,941 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CDI </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9.52 </FONT></FONT></P></TD>

   <TD width="2%" noWrap>&nbsp;</TD>

   <TD width="23%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">64,842 </FONT></FONT></P></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD width="24%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">72,607 </FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Share market price risks</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company is exposed to the risk of changes in equity prices due to the investments made and classified as available-for-sale. Equity investments refer to blue chips traded on BOVESPA.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The following table summarizes the impact of the changes in prices of financial instruments classified as available-for-sale on profit or loss for the year and equity, in other comprehensive income. </FONT></FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="32%" noWrap>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="33%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Impact on profit or loss </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other comprehensive income </FONT></B></FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="32%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Net change in fair value of financial instruments classified as available for sale </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">260,209 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">131,516 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(506,806)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(767,015)</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>On April 20, 2011, the Company sold 100% of its equity interest held in Riversdale&#8217;s share capital, corresponding to 47,291,891 shares at the price of A$16.50 per share, totaling a gain of R$698,164.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company considers as probable scenario the amounts recognized at market prices as of March 31, 2012. Sensitivity analysis is based on the assumption of maintaining as probable scenario the market values as of March 31, 2012. Therefore, there is no impact on the financial instruments classified as available-for-sale already presented above. The Company considered the following scenarios for volatility of the shares.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 1: (25% appreciation of shares);</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 2: (50% appreciation of shares);</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>- Scenario 3: (25% devaluation of shares);</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>- Scenario 4: (50% devaluation of shares);</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="63%" colSpan=8 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Impact on equity </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Companies </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Probable</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25%</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">50%</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">25%</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">50%</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Usiminas </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(508,892)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">519,230 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,038,461 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(519,230)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,038,461)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Panatl&#226;ntica </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,086 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,663 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,326 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(2,663)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(5,326)</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(506,806)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">521,893 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,043,787 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(521,893)</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">(1,043,787)</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Credit risks</FONT></B></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_78"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The exposure to credit risks of financial institutions is in line with the parameters established in the financial policy. The Company adopts the practice of analyzing in detail the financial position of its customers and suppliers, establishing a credit limit and conducting ongoing monitoring of the outstanding balance.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>As regards short-term investments, the Company only makes investments in institutions with low credit risk as rated by credit rating agencies. As part of the funds is invested in repos (repurchase agreements) backed by Brazilian government bonds, there is also exposure to Brazil&#8217;s sovereign risk.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Capital management</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The Company manages its capital structure to ensure that it will be capable of providing return to its shareholders and benefits to other stakeholders, and maintain an optimal capital structure to reduce this cost.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>V &#8211; Margin deposits </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>The Company holds margin deposits totaling R$268,986 (R$407,467 as of December 31, 2011); this amount is invested at Deutsche Bank as guarantee of the derivative financial instrument contracts, specifically swaps between CSN Islands VIII and CSN.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>16.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>OTHER PAYABLES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The group of other payables classified in current and non-current liabilities is comprised as follows:</FONT></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Current </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Non-current </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Payables to related parties (*) </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">202,880 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">178,635 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">507,199 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">458,878 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,094,012 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,094,453 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,818,669 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,821,914 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Unrealized losses on derivatives (Note 15 I) </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">11,243 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,971 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,826 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,124 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">249,727 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">373,430 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Dividends and interest on capital payable </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,044,583 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">928,924 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,046,057 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">927,881 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Advances from customers </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">34,251 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">23,868 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">18,198 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">17,862 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Taxes in installments </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">260,873 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">313,201 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">238,910 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">292,699 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,917,280 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,910,576 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,767,535 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,774,533 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Profit sharing - employees </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">165,661 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">131,755 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">142,105 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">117,806 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other payables </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">197,942 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">149,091 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">39,970 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">55,615 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">226,753 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">215,061 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">109,491 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">122,529 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="26%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,917,433 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,728,445 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,994,265 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,872,865 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,487,772 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5,593,520 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,695,695 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,718,976 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(*) The nature of transactions with related parties is described in note 4.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>17.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>GUARANTEES&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company is liable for guarantees for its subsidiaries and jointly controlled entities, as follows: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right">Page 77 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_79"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Currency </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Maturities </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Borrowings </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Tax collections </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Transnordestina </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Up to 5/8/2028 and undefined </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,460,203 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,358,657 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,800 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,800 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,686 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,686 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,469,689 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,368,143 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Cimentos </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Up to 11/18/2014 and undefined </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">30,213 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">30,213 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">30,097 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">30,097 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">60,310 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">60,310 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Prada </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Up to 2/7/2014 and undefined </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,959 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,958 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">18,075 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,440 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">28,034 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12,398 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Sepetiba Tecon </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1/31/2012 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">700 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">700 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">It&#225; Energ&#233;tica </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9/15/2013</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,326 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,326 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,326 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,326 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Energia </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Up to 12/30/2012 and undefined </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,392 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,392 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,336 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,392 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">4,728 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Congonhas Min&#233;rios </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">5/21/2018</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,000,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,000,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">2,000,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7375</FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Funda&#231;&#227;o CSN </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">R$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Undefined</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,003 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,003 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total in R$ </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,468,532 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,366,683 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">44,364 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">44,363 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">55,858 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">42,559 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,568,754 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,453,605 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Islands VIII </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">US$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/16/2013</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">550,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">550,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">550,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">550,000 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Islands IX </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">US$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1/15/2015</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">400,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">400,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">400,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">400,000 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Islands XI </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">US$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9/21/2019</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">750,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">750,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">750,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">750,000 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Islands XII </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">US$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Perpetual</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,000,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,000,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,000,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,000,000 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Resources </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">US$ </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7/21/2020</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,200,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,000,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,200,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,000,000 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total in US$ </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,900,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,700,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,900,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3,700,000 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">CSN Steel S.L. </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">EUR </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1/31/2020</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">120,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">120,000 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total in EUR </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">120,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">120,000 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total in R$ </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,397,790 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,940,460 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">7,397,790 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,940,460 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,866,322 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,307,143 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">44,364 </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">44,363 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">55,858 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">42,559 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,966,544 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">10,394,065 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>18.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>TAXES IN INSTALLMENTS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Tax Recovery Program (REFIS)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>On November 26, 2009, the Company, its subsidiaries and jointly controlled entities joined the Tax Recovery Programs established by Law 11941/09 and Provisional Measure 470/2009, aimed at settling tax liabilities through a special payment system and installment plan for the settlement of tax and social security obligations. Joining the special tax programs reduced the amount of fines, interest and legal charges previously due.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Management&#8217;s decision took into consideration matters already judged by higher courts, as well as the assessment of outside legal counsel regarding the possibility of favorable outcomes in the contingencies in progress.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The tax debts enrolled under Provisional Measure 470/09 were payable in 12 installments, starting November 2009. In July 2010, the Company elected to offset income tax and social contribution carryforwards against the last four installments of the installment plan, as allowed by relevant legislation.</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In November 2009 and February 2010, the debts payable enrolled in the installment plan under Law 11,941/09, already recognized through provisions, were reviewed based on the reductions in debits set forth in special programs, according to the waiver date of administrative appeals or legal proceedings. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In June 2011, the Group companies consolidated the debts enrolled in the tax program set forth by Law 11,941/09, payable in 180 SELIC-adjusted installments. As a result of the consolidation, the provision increased R$19,734 in the second quarter of 2011, recognized in Company in line item &#8220;Finance income (costs)&#8221; and other expenses, before income tax and social contribution. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>With respect to judicial deposits linked to REFIS proceedings, the Company obtained a favorable opinion from the National Treasury Attorney General&#8217;s Office (PGFN) and the Federal Revenue Service (RFB) on the treatment given to the excess deposit generated after application of the reductions obtained for tax payment in cash.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Accordingly, the Company filed a request for offset of the deposit surplus against taxes in installments under the Law 11941 REFIS program with the PGFN. We are awaiting a reply from the PGFN of the intended offset.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_80"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The position of REFIS debts recorded in taxes in installments in current and non-current liabilities as of March 31, 2012 was R$</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>1,873,346 </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(R$</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>1,928,872 </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>as of December 31, 2011) in Company and R$</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>2,052,408 </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(R$</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>2,094,741&nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> as of December 31, 2011) in consolidated.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>19.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>PROVISIONS FOR TAX, SOCIAL SECURITY, LABOR AND CIVIL RISKS AND JUDICIAL DEPOSITS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Claims of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits are as follows:</FONT></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Consolidated </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Judicial deposits </FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Accrued liabilities </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Judicial deposits </FONT></B></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Accrued liabilities </FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Social security and labor </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">135,893 </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">285,777 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">131,443 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">284,556 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Civil </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">49,217 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">100,869 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">50,909 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">94,183 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Environmental </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,906 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,906 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Tax </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,178,145 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">95,836 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,159,881 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">94,317 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Judicial deposits </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">29,920 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">26,928 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,393,175 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">489,388 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,369,161 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">479,962 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Legal obligations challenged in court: </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Tax &nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Salary premium for education </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">36,189 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">33,121 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">36,189 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">33,121 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Income tax on &#8221;Plano Ver&#227;o&#8221; </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">346,345 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,892 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">345,676 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,892 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other provisions </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,788 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">104,550 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,788 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">104,488 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">392,322 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">158,563 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">391,653 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">158,501 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,785,497 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">647,951 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,760,814 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">638,463 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">296,827 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">292,178 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total non-current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,785,497 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">351,124 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,760,814 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">346,285 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Parent Company </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">3/31/2012</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">12/31/2011</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Judicial deposits </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Accrued liabilities </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Judicial deposits </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Accrued liabilities </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Social security and labor </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">107,867 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">202,054 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">105,292 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">200,401 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Civil </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">39,369 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">71,425 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">39,308 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">65,076 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Environmental </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,906 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">6,906 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Tax </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,137,683 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">61,445 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,120,859 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">59,068 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Judicial deposits </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">27,216 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">26,663 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,312,135 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">341,830 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,292,122 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">331,451 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US>Legal obligations challenged in court: </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Tax &nbsp;</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Salary premium for education </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">36,189 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">33,121 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">36,189 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">33,121 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Income tax on &#8221;Plano Ver&#227;o&#8221; </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">346,345 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,892 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">345,676 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">20,892 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Other provisions </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,788 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">103,013 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">9,788 </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">102,965 </FONT></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">392,322 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">157,026 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">391,653 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">156,978 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,704,457 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">498,856 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,683,775 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">488,429 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">230,876 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">225,997 </FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">Total non-current </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,704,457 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">267,980 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">1,683,775 </FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt">&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt">262,432 </FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The changes in the provisions for tax, social security, labor, civil and environmental risks in the period ended March 31, 2012 were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right">Page 79 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_81"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current + Non-current</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Nature </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Additions </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Inflation adjustment </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Utilization </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tax </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>252,818 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,137 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,560 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,116)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,399 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>220 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Social security </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>61,536 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,123 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>64,659 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Labor </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>223,020 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>850 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,060 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,812)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>221,118 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>202,912 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>204,615 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Civil </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>94,183 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,813 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,937 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,064)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,869 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,915 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>87,343 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Environmental </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,906 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,906 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>638,463 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,800 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,680 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(17,992)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>647,951 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>296,827 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>292,178 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom width="30%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%"></TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current + Non-current</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Nature </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Additions </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Inflation adjustment </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Utilization </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tax </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>216,046 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,136 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,559 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,270)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>218,471 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Social security </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,477 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,123 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>42,600 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Labor </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>160,924 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,052 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(9,558)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>159,454 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>159,451 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>160,921 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Civil </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>65,076 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,813 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>863 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,327)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>71,425 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>71,425 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>65,076 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Environmental </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,906 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,906 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>488,429 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,985 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,597 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,155)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>498,856 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>230,876 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>225,997 </FONT></B></P></TD></TR>

<TR>

   <TD vAlign=bottom width="30%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%"></TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%">&nbsp;</TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The provisions for tax, social security, labor, civil and environmental liabilities were estimated by management and are mainly based on the legal counsel&#8217;s assessment. Only proceedings for which the risk is classified as probable loss are accrued. Moreover, these provisions include tax liabilities resulting from contingencies filed by the Company, subject to SELIC (Central Bank&#8217;s policy rate).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company and its subsidiaries are defendants in other administrative and judicial proceedings (labor, civil, tax and environmental), in the approximate amount of R$7,637,653, of which R$541,514 related to civil lawsuits, R$45,130 to environmental lawsuits and R$1,131,994 to labor and social security lawsuits. The assessments made by the legal counsel define these administrative and judicial proceedings as entailing risk of possible loss and, therefore, no provision was recorded in conformity with Management&#8217;s judgment and accounting practices adopted in Brazil.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As for the tax lawsuits these represent R$5,919,015, and R$1,737,843 from this total refers to the assessment notice issued against the Company for an alleged nonpayment of income tax (IRPJ) and social contribution on net income (CSLL) on profits recognized in the balance sheets of its subsidiaries in Luxembourg. In view of the recent changes in administrative and judicial decisions, our outside legal counsel classified the likelihood of loss as possible. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>a) Labor lawsuits</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the Company and its subsidiaries are defendants in </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>12,160 </FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>labor lawsuits, for which a provision has been recorded in the amount of R$</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>221,118 </FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(R$223,020 as of December 31, 2011).</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Most of the claims relate to subsidiary and/or joint liability, salary equalization, health hazard premiums and hazardous duty premiums, overtime pay, difference in the 40% fine for the severance pay fund (FGTS) as a result of federal government economic plans, health care plan, indemnity contingencies resulting from alleged occupational diseases or on-the-job accidents, and differences in profit sharing from 1997 to 1999 and from 2001 to 2003.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>b) Civil lawsuits</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Among the civil lawsuits in which the Company is a defendant are claims for compensation.</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Generally these lawsuits result from on-the-job accidents, occupational diseases and contractual litigation related to the industrial activities of the Company and its subsidiaries, real estate actions, healthcare plan, and reimbursement of costs incurred in labor courts.</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>For lawsuits </FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>involving civil matters, a provision has been recognized in the amount of R$</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>100,869&nbsp;</FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> as of March 31, 2012 (R$</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>94,183&nbsp;</FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> as of March 31, 2011).</FONT></FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_82"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>c) Tax lawsuits</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=blue face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Income tax and social contribution </FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#8220;Plano Ver&#227;o&#8221;</FONT></B></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> - The Company is claiming the recognition of financial and tax effects on the calculation of income tax and social contribution, related to removal by the government of inflation measured according to the Consumer Price Index (IPC) in January and February 1989, involving a total percentage figure of 51.87% (&#8216;Summer Plan&#8221;). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In 2004 the lawsuit was terminated with a final and unappealable decision that granted the right to apply the index of 42.72% (January 1989), with the 12.15% already applied to be deducted from this index. The final decision also granted application of the index of 10.14% (February 1989). The proceeding is currently at expert discovery stage.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, there is an amount of R$346,345 (R$345,676 as of December 31, 2011) deposited in court, classified in a specific account of judicial deposits in long-term receivables, and a provision of R$20,892 (R$20,892 as of December 31, 2011), which represents the portion not recognized by the courts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Salary premium for education &#8211; &#8220;Sal&#225;rio Educa&#231;&#227;o&#8221;</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company has filed a lawsuit challenging the constitutionality of the salary premium for education and for discussing the possibility of recovering the amounts paid in the period from January 5, 1989 to October 16, 1996. The lawsuit was unsuccessful, and the TRF upheld the decision unfavorable to CSN, a decision that is final and unappelable.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In view of the final and unappealable decision, CSN tried to make payment of the amount due, though the FNDE and INSS did not reach an agreement as to which agency should receive it. They also required that the amount should be paid along with a fine, with which the Company did not agree.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Lawsuits were then filed challenging the above events, with judicial deposit of the amounts involved in the lawsuits. In the first lawsuit, the lower court partly accepted the Company&#8217;s request, with the judge deducting the fine, but upholding the SELIC rate, with counterarguments against the defendant&#8217;s appeal against the SELIC rate.</FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012 the accrued amount totals R$33,121 (R$33,121 as of December 31, 2011) and the judicial deposit amounts to R$36,189 (R$36,189 as of December 31, 2011). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Other&nbsp;</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=blue face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company has also recognized provisions for lawsuits relating to INSS, FGTS Complementary Law 110, CSLL Credit on Export, PIS Law 10,637/02 and PIS/COFINS &#8211; Manaus Free Trade Zone, totaling R$103,013 as of March 31, 2012 (R$102,965 as of December 31, 2011), which includes legal charges.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>d) Other</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Competition&nbsp;</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>On June 14, 2010, the Regional Federal Court of Bras&#237;lia rejected the annulment action filed by CSN against CADE, which aimed at annulling its fine for the alleged infringements laid down in Articles 20 and 21, I, of Law 8,884/1984. The Company filed appropriate appeals against this decision, which were dismissed, resulting in the filing of a motion for clarification, which is pending judgment. The collection of the R$65,292 fine is suspended by a Court decision, which stays the collection as from the date CSN issued a guarantee letter. This action is classified as risk of possible loss.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=wingdings><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#167;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Environmental&nbsp;</FONT></U></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_83"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The environmental administrative/judicial proceedings filed against the Company include mainly administrative proceedings for alleged environmental irregularities and the regularization of environmental permits; at the judicial level, the Company is a party to actions collecting the fines imposed for such alleged environmental irregularities, and public civil actions claim regularization coupled with compensation, in most cases claiming environmental recovery. In general these proceedings arise from alleged damages to the environment related to the Company&#8217;s industrial activities. The environmental proceedings total R$6,906 (R$6,906 as of December 31, 2011).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>20.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND ASSET DECOMMISSIONING</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>a) Environmental liabilities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, a provision is recognized in the amount of R$308,263 in Company and R$314,666 in consolidated (R$306,079 and R$312,612 as of December 31, 2011, respectively) for expenditures relating to environmental investigation and recovery services for potentially contaminated areas surrounding establishments in the States of Rio de Janeiro, Minas Gerais and Santa Catarina. Estimated expenditures will be reviewed periodically and the amounts already recognized will be adjusted whenever needed.&nbsp; These are management&#8217;s best estimates considering recovery studies in areas that have been degraded and are in the process of being used for activities. These provisions are recognized in operating expenses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Helvetica,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The provisions are measured at the present value of the expenditures required to settle the obligation, using a pretax rate that reflects current market assessments of the time value of money and the specific risks of the obligation.</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=Helvetica,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The increase in the obligation due to passage of time is recognized as other operating expenses.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The long-term interest rate used to discount to present value and update the provision through March 31, 2012 was 11.00%. The liability recognized is periodically updated based on these discount rates plus the general market price index (IGPM) for the period.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>b) Decommissioning of Assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Obligations on decommissioning of assets consist of estimated costs for decommissioning, retirement or restoration of areas upon the termination of activities related to mining resources. The initial measurement is recognized as a liability discounted to present value and subsequently through increase in expenses over time. &nbsp;The asset decommissioning cost equivalent to the initial liability is capitalized as part of the carrying amount of the asset, being depreciated over the useful life of the asset. The liability recognized as of March 31, 2012 is R$15,300 in Company and R$25,065 in consolidated (R$15,148 and R$24,327 as of December 31, 2011).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>21.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>EQUITY&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>i. Paid-in capital </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Fully subscribed and paid-in capital as of March 31, 2012 is R$1,680,947 (R$1,680,947 as of December 31, 2011) represented by 1,457,970,108 (</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>1,457,970,108 </FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>as of December 31, 2011) book-entry common shares without par value.</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT color=black face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Each common share entitles its holder to one vote in Shareholders&#8217; Meetings.</FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>ii. Authorized capital</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company&#8217;s by-laws in effect as of March 31, 2012 determine that the capital can be raised to up to 2,400,000,000 shares by decision of the Board of Directors.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>iii. Legal reserve</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>This reserve is recognized at the rate of 5% of the profit for each period, as provided for by Article 193 of Law 6,404/76. This reserve ceiling, as prescribed by prevailing legislation, has already been reached.&nbsp;&nbsp; </FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_84"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>iv.</FONT></B></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Treasury shares</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the Company did not have any treasury shares. On August 2, 2011, the Company approved the cancelation of 25,063,577 existing treasury shares without decreasing capital.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>v. Ownership structure</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the Company&#8217;s ownership structure was as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Number of common shares </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>% of total shares </FONT></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Number of common shares </FONT></P></TD>

   <TD vAlign=top width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>% of total shares </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Vicunha Siderurgia S.A. </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>697,719,990</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>47.86%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>697,719,990</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>47.86%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Rio Iaco Participa&#231;&#245;es S.A. (*) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,193,503</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.99%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,193,503</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.99%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Caixa Beneficente dos Empregados da CSN - CBS </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,788,231</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.88%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,788,231</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.88%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>BNDESPAR </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,503,116</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.02%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,773,516</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.18%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>NYSE - ADRs </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>372,952,319</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25.58%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>373,772,695</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25.64%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>BOVESPA </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>286,812,949</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19.67%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>283,722,173</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19.45%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970,108 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970,108 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></B></P></TD></TR>

<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(*) Rio Iaco Participa&#231;&#227;o S. A. is a company part of the control group.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>22.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>INTEREST ON CAPITAL </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company&#8217;s management will propose to the Board of Directors the payment of interest on capital amounting to R$118,190 of March 31, 2012.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The calculation of interest on capital is based on the Long-Term Interest Rate (TJLP) fluctuation on equity, limited to 50% of pretax profit for the period or, according to prevailing legislation, the higher of 50% of retained earnings and profit reserves.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In compliance with CVM Resolution 207 of December 31, 1996 and tax regulations, the company elected to account for proposed interest on capital as a contra entry to finance costs and reverse it from the same line item. Therefore, interest on capital is not stated in the income statement and does not affect profit, except for the tax effects recognized in income tax and social contribution line items. Management will propose that the amount of interest on capital be attributed to the mandatory minimum dividends.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>23.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>NET SALES REVENUE</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>Net sales revenue is comprised as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: right">Page 83 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_85"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.8pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross revenue </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Domestic market </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,373,978 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,176,769 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,921,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,894,089 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign market </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,335,434 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,357,320 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>222,205 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>344,958 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,709,412 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,534,089 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,143,232 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,239,047 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deductions </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="42%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cancelled sales and discounts granted </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(90,437)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,234)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(90,887)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(24,838)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Taxes levied on sales </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(723,236)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(717,847)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(642,889)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(644,044)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(813,673)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(745,081)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(733,776)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(668,882)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net revenue </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,895,739 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,789,008 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,409,456 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,570,165 </FONT></B></P></TD></TR>

<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>24.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>EXPENSES BY NATURE</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 8.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Raw materials and inputs </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,134,880)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(693,933)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(843,015)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(640,433)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Labor cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(368,933)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(324,616)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(244,429)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(225,965)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consumable materials </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(288,876)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(244,131)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(233,981)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(195,593)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="42%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maintenance cost (services and materials) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(273,083)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(268,380)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(231,023)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(234,001)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Outsourced services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(494,998)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(368,923)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(172,550)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(167,460)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="42%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation, amortization and depletion </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(285,171)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(214,613)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(218,603)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(170,148)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other (*) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(221,472)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(359,543)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(89,108)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(248,056)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,067,413)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,474,139)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,032,709)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,881,656)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.55pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Classified as: </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of sales and/or services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,752,606)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,232,828)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,887,154)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,726,681)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Selling expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(180,995)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(120,002)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(68,204)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(81,102)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>General and administrative expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(133,812)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(121,309)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(77,351)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(73,873)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,067,413)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,474,139)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,032,709)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,881,656)</FONT></B></P></TD></TR>

<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

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   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>(*) Included increased/reduction in finished goods and in work in process.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>25.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>OTHER OPERATING INCOME (EXPENSES)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: right">Page 84 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_86"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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<TR style="HEIGHT: 10.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.3pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.3pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.3pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.3pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.3pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other operating expenses </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Taxes and fees </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,763)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,270)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(855)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Provision for contingencies and net losses on reversals </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(24,482)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(37,628)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,703)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(50,589)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Contractual and nondeductible fines </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,972)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(32,894)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,799)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(39,405)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed cost of equipment stoppages </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,321)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,301)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,707)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,797)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Write-off of obsolete assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,590)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(15,137)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,516)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,040)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expenses on studies and project engineering </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(12,265)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,379)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,626)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,379)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Pension plan (Note 29 c) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,389)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,428)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,243)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(15,345)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Healthcare plan (Note 29 d) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,786)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,007)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,776)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,004)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(22,193)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,984)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,230)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,169)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(124,761)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(141,028)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(95,600)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(143,583)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other operating income </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="55%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjustment to present value - taxes and contributions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,640 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,640 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Indemnities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>436 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>680 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>460 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>495 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Rentals and leases </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>856 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,563 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>856 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>825 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Reversal of provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,171 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,808 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,011 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,221 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,894 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,602 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>849 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,684 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,585 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,929 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,809 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other operating (expenses) income </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(112,077)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(125,443)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(67,671)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(138,774)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.8pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>26.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>FINANCE INCOME (EXPENSES)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: right">Page 85 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_87"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="15%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance costs: </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings and financing - foreign currency </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(158,218)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(180,575)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,729)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(23,368)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings and financing - local currency </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(440,264)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(268,418)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(339,851)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(202,214)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related parties </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(99,096)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(95,713)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(354,245)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(435,511)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capitalized interest </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face="arial narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>102,526 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face="arial narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,868 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face="arial narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>67,011 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face="arial narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>46,523 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>PIS/COFINS on other income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(274)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(292)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(274)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(292)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Losses on derivatives (*) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face="arial narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,519)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face="arial narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,254)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face="arial narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,519)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face="arial narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,254)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest, fines and late payment charges </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face="arial narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(47,268)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(42,020)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(45,053)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(39,133)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other finance costs </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(36,812)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(42,775)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,002)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(32,738)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(682,925)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(564,179)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(724,662)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(691,987)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance income: </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related parties </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,777 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,181 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,520 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,327 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income from short-term investments </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>66,010 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>99,417 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,088 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,233 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,798 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,484 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,179 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,866 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>107,585 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>139,082 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>46,787 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,426 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation adjustments: </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,838 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>739 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>350 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>722 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Liabilites </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(19,620)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,042)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,371 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,523)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,782)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,303)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,721 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,801)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange gains (losses): </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>- On assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(220,129)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(264,292)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(49,358)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,937)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>- On liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>208,658 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>286,177 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>223,283 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>180,370 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Exchange gains (losses) on derivatives (*) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(23,568)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(112,921)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(35,039)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(91,036)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>173,925 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>161,433 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="42%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation adjustment and exchange gains (losses), net </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(52,821)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(93,339)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>176,646 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>159,632 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance costs, net </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(628,161)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(518,436)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(501,229)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(470,929)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="55%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(*) Statement of gains and losses on derivative transactions </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>CDI to USD swap </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,852)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(96,791)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>EUR to USD swap </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,423)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,548)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,293)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,582)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(23,568)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(112,921)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Libor to CDI swap </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,519)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,254)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,519)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,254)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,519)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,254)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,519)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,254)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,087)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(118,175)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,519)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,254)</FONT></B></P></TD></TR>

<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>27.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>SEGMENT INFORMATION</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>According to the Company&#8217;s structure, its businesses are distributed into five (5) operating segments. Accordingly, we analyzed our information by segment as follows.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Steel&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Steel Segment consolidates all the operations related to the production, distribution and sale of flat steel, long steel, metallic packaging and galvanized steel, with operations in Brazil, the United States, Portugal and Germany. This segment supplies the following markets: construction, steel packaging for the Brazilian chemical and food industries, home appliances, automobile and OEM (motors and compressors). The Company&#8217;s steel units produce hot and cold rolled steel, galvanized and pre-painted steel of great durability. They also produce tinplate, a raw material used to produce metallic packaging. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Overseas, Lusosider, which is based in Portugal, also produces metal sheets, as well as galvanized steel. CSN LLC in the U.S.A. meets local market needs by supplying cold rolled and galvanized steel.&nbsp; In January 2012, CSN acquired Stahlwerk </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Th&#252;ringen, a manufacturer of long steel located in Unterwellenborn, Germany. SWT is specialized in the production of shapes used for construction and has an installed production capacity of 1.1 million metric tons of steel/year. &nbsp;&nbsp;</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_88"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>For 2013, it is slated to begin production of long steel products. The initial production slated, of 500,000 metric tons per year, will consolidate the company as a source of complete construction solutions, complementing its portfolio of products with high added value in the steel chain. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Mining&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>This segment encompasses the activities of iron ore and tin mining. The high-quality iron ore operations are located in the Iron Quadrilateral in MG, the Casa de Pedra mine in Congonhas, MG, that produces high quality iron ore, as well as the Company&#8217;s subsidiary Nacional Min&#233;rios S.A. (Namisa), which has its own mines, also of excellent quality, and also sells third party iron ore. Furthermore, CSN also owns Estanho de Rond&#244;nia S.A. (ERSA), a company that has both tin mining and casting units. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CSN holds the concession to operate TECAR, a solid bulk terminal, one of the four terminals that comprise the Itagua&#237; Port, in Rio de Janeiro. Coal and coke imports are carried out through this terminal.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Logistics &nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>i. Railroad</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&nbsp;CSN has equity interests in two railroad companies: MRS Log&#237;stica S.A., which manages the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and Transnordestina Log&#237;stica S.A., which operates the former Northeast Network of RFFSA in the States of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>a) MRS </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The railroad transportation services provided by MRS are based on the supply of raw materials and the shipment of final products. The total amount of iron ore, coal and coke consumed by the Presidente Vargas Mill is carried by MRS, as is part of the steel produced by CSN for the domestic market and for export. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The Southeast Brazilian railroad system, encompassing 1,674 kilometers of tracks, serves the tri-state industrial area of S&#227;o Paulo-Rio de Janeiro-Minas Gerais, linking the mines located in Minas Gerais to the ports located in S&#227;o Paulo and Rio de Janeiro, and the steel mills of CSN, Companhia Sider&#250;rgica Paulista (or Cosipa) and Gerdau A&#231;ominas.&nbsp; Besides serving other customers, the railroad system carries iron ore from the Company&#8217;s mines in Casa de Pedra, Minas Gerais, and coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, and carries CSN&#8217;s exports to the ports of Itagua&#237; and Rio de Janeiro. Its volumes of cargo carried account for approximately 28% of the total volume carried by the Southeast railroad system. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>b) Transnordestina Log&#237;stica</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Together, CSN and the federal government will be making investments for implementation of the Transnordestina Project for construction of around 1,728 km of new lines. The work on this project, slated for conclusion in 2013, further includes complementing and renewing part of the infrastructure (or lines) of the concession held by Transnordestina Log&#237;stica, which will be expanded from the nearly 2,600 kilometers of track presently operating to around 4,300 kilometers.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Transnordestina Log&#237;stica S.A. has a 30-year concession granted in 1998 to operate the Northeastern Brazil railroad system. This railway system covers 4,238 kilometers of railroads in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.&nbsp; Moreover, it links up the main ports in the region, thus providing an important competitive advantage by means of opportunities for combined transportation solutions and logistics projects tailored to customer needs.&nbsp; </FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_89"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The project underway will increase the transportation capacity of Transnordestina Log&#237;stica 20-fold, bringing it up the level of the most modern railroads in the entire world. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>With its new configuration, Transnordestina will become the best logistics option for export of grains through the Pec&#233;m and Suape ports, as well as other solid bulk cargos such as iron ore from the Northeast Region, playing an important role in the region&#8217;s development.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>ii. Ports</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Port logistics segment consolidates the operation of the terminal built during the post-privatization period of the ports, Sepetiba Tecon. The Sepetiba terminal features complete infrastructure to meet all the needs of exporters, importers and ship-owners. Its installed capacity exceeds that of most other Brazilian terminals. It has excellent depths of 14.5 meters in the mooring berths and a huge storage area, as well as the most modern and appropriate equipment, systems and intermodal connections.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company&#8217;s constant investment in projects in the terminals consolidates the Itagua&#237; Port Complex as one of the most modern in Brazil, at present with capacity for handling 480 thousand containers and 30 million metric tons per year of bulk cargo.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Energy&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CSN is one of the largest industrial consumers of electric power in Brazil. As energy is fundamental to its production process, the Company invests in assets for generation of electric power to guarantee its self-sufficiency. These assets are as follows: It&#225; hydroelectric power plant, in the State of Santa Catarina, with rated capacity of 1,450 MW, where CSN has a share of 29.5%; Igarapava hydroelectric power plant, Minas Gerais, with rated capacity of 210 MW, in which CSN holds of 17.9% of the capital; and a thermoelectric cogeneration Central Unit with rated capacity of 238 MW, which has been operating at the UPV since 1999. For fuel the Central Unit uses the residual gases produced by the steel mill itself. Through these three power generation assets, CSN obtains total rated capacity of 430 MW.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Cement&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The cement division consolidates the Company&#8217;s cement production, distribution and sales operations, which use the slag produced by the Volta Redonda plant&#8217;s blast furnaces.&nbsp; In 2011, the clinker used in cement production was acquired from third parties; however, at the end of 2011, with the completion of the first stage of the Arcos Clinker plant, MG, this plant already supplied the milling needs of CSN Cimentos in Volta Redonda.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The information presented to Management regarding the performance of each business segment is generally derived directly from the accounting records, combined with some intercompany allocations. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Sales by geographic area</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Sales by geographic area are determined based on the customers&#8217; location. On a consolidated basis, domestic sales are represented by revenues from customers located in Brazil and export sales are represented by revenues from customers located abroad.</FONT></FONT></P>

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<A name=page_90></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Steel </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Mining </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Logistics </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Energy </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cement </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Corporate expenses/ elimination </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ports </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Railroad </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues and expenses </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Metric tons (thou.) - (not reviewed) (*) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,304,205 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,215,831 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>465,742 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Domestic market </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,935,455 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>143,532 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,615 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>248,268 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,748 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>86,751 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(119,774)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,381,595 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign market </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>463,679 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,050,465 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,514,144 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of sales and services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,005,711)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(574,179)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,092)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(175,050)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(32,344)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(65,390)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>120,160 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,752,606)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross profit </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>393,423 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>619,818 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,523 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>73,218 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,404 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,361 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>386 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,143,133 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Selling and administrative expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(115,634)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(76,495)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,013)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,647)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,575)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,851)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(71,592)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(314,807)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>188,043 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>46,321 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,543 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,134 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,377 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,352 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,401 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>285,171 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjusted EBITDA </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>465,832 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>589,644 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,053 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>87,705 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,206 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,862 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(67,805)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,113,497 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Steel </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Mining </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Logistics </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Energy </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cement </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Corporate expenses/ elimination </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ports </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Railroad </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sales by geographical area </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Asia </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>796,279 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>796,279 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>North America </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>130,710 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>130,710 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Latin America </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,532 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,532 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Europe </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>293,454 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>254,186 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>547,640 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,983 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,983 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign market </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>463,679 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,050,465 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,514,144 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Domestic market </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,935,455 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>143,532 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,615 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>248,268 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,748 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>86,751 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(119,774)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,381,595 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>TOTAL </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,399,134 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,193,997 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,615 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>248,268 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,748 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>86,751 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(119,774)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,895,739 </FONT></B></P></TD></TR>

<TR>

   <TD width="28%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(*) The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and jointly controlled entities (Namisa 60%).<BR></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Steel </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Mining </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Logistics </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Energy </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cement </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Corporate expenses/ elimination </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ports </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Railroad </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues and expenses </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Metric tons (thou.) - (not reviewed) (*) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,219,991 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,124,276 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>328,852 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Domestic market </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,965,369 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>194,585 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,725 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>232,090 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,569 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(79,428)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,440,807 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign market </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>339,296 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,014,931 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,026)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,348,201 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of sales and services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,635,156)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(435,826)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,684)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(145,443)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,906)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(49,281)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>63,468 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,232,828)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross profit </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>669,509 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>773,690 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,041 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>86,647 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,991 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,288 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,986)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,556,180 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Selling and administrative expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(117,592)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,021)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,192)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,230)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,068)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,604)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(63,604)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(241,311)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>140,853 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,153 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,406 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,794 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,626 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,820 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>961 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>214,613 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjusted EBITDA </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>692,770 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>791,822 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,255 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>92,211 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,549 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,504 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(84,629)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,529,482 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Steel </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Mining </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Logistics </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Energy </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cement </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="9%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Corporate expenses/ elimination </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ports </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Railroad </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sales by geographical area </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Asia </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,084 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>935,255 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>936,339 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>North America </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>120,082 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>120,082 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Latin America </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,091 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,091 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Europe </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>185,338 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>79,676 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>265,014 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,701 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,026)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,325)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign market </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>339,296 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,014,931 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,026)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,348,201 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Domestic market </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,965,369 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>194,585 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,725 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>232,090 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,897 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,569 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(79,428)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,440,807 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>TOTAL </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,304,665 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,209,516 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,725 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>232,090 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,897 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,569 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(85,454)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,789,008 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(*) The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and jointly controlled entities (Namisa 60%).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The adjusted EBITDA consists of profit for the year plus net finance income (costs), income tax and social contribution, depreciation and amortization, and other operating income (expenses), which are deducted because they refer mainly to non-recurring items of the operation.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_91"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR><BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The Company&#8217;s executive officers use Adjusted EBITDA as a tool to measure the recurring operating cash generation capacity, as well as a means for allowing it to make comparisons with other companies.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P>

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<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjusted EBITDA </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,113,497 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,529,482 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(285,171)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(214,613)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="72%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Other operating income (expenses) (Note 25) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(112,077)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(125,443)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance costs (Note 26) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(628,161)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(518,436)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit before taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>88,088 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>670,990 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="72%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution (Note 9) </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,547 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(55,295)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit for the period </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>92,635 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>615,695 </FONT></B></P></TD></TR>

<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>28.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>EARNINGS PER SHARE (EPS)&nbsp;&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Basic earnings per share</FONT></U></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>:&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Basic earnings per share have been calculated based on the profit attributable to the owners of CSN divided by the weighted average number of common shares outstanding during the year (after the stock split), excluding the common shares purchased and held as treasury shares, as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Common shares </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Common shares </FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Profit for the period </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Attributed to owners of the Company </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>110,694 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>617,519 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>110,694 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>617,519 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Attributed to non-controlling interests </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,059)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,824)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Weighted average numebr of shares </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Basic and diluted earnings per share </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.07592 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.42355 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.07592 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.42355 </FONT></P></TD></TR>

<TR>

   <TD vAlign=bottom width="42%">&nbsp;</TD>

   <TD vAlign=bottom width="13%">&nbsp;</TD>

   <TD vAlign=bottom width="2%">&nbsp;</TD>

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<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>29.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>EMPLOYEE BENEFITS&nbsp;&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The pension plans granted by the Company cover substantially all employees. The plans are administered by Caixa Beneficente dos Empregados da CSN (&#8216;CBS&#8221;), which is a private non-profit pension fund established in July 1960. The members of CBS are employees&#8212;and former employees&#8212;of the Company and some subsidiaries that joined the fund through an agreement, and the employees of CBS itself. The Executive Officers of CBS is comprised of a CEO and two other executive officers, all appointed by CSN, which is the main sponsor of CBS. The Decision-Making Board is the higher decision-making and guideline-setting body of CBS, presided over by the president of the pension fund and made up of 10 members, six chosen by CSN in its capacity as main sponsor of CBS and four elected by the fund&#8217;s participants.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Until December 1995, CBS Previd&#234;ncia administered two defined benefit plans based on years of service, salary and Social Security benefits. On December 27, 1995 the then Private Pension Secretariat (&#8220;SPC&#8221;) approved the implementation of a new benefit plan, effective beginning that date, and called Mixed Supplementary Benefit Plan (&#8216;Mixed Plan&#8221;), structured in the form of a variable contribution plan. Employees hired after that date were only entitled to join the new Mixed Plan. In addition, all active employees who were participants of the old defined benefit plans had the opportunity to switch to the new Mixed Plan. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012 CBS had 32,378 participants (31,482 as of December 31, 2011), of whom 17,530 were active contributors (16,603 as of December 31, 2011), 9,663 were retired employees (9,705 as of December 31, 2011), and 5,185 were related beneficiaries (5,174 as of December 31, 2011). Out of the total participants as at March 31, 2012, 13,661 belonged to the defined benefit plan and 18,717 to the mixed plan.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The plan assets of CBS are primarily invested in repurchase agreements (backed by federal government bonds), federal securities indexed to inflation, shares, loans and real estate. As of March 31, 2012 CBS held 12,788,231 common shares of </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>CSN (12,788,231 common shares as of December 31, 2011). The total plan assets of the entity amounted to R$3.9 billion as of March 31, 2012 (R$3.8 billion as of December 31, 2011). The administrators of the CBS funds seek to match plan assets with benefit obligations payable on a long-term basis. Pension funds in Brazil are subject to certain restrictions regarding their capacity for investment in foreign assets and, therefore, these funds invest mainly in Brazilian securities.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_92"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Plan Assets are all available assets and the benefit plans&#8217; investments, not including the amounts of debts to sponsors.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=#1f497d face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>a.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Description of the pension plans</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Plan covering 35% of average salary</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>This plan began on February 1, 1966 and is a defined benefit plan aimed at paying pensions (for length of service, special situations, disability or old age) on a lifetime basis, equivalent to 35% of the adjusted average of the participant&#8217;s salary for the last 12 months. The plan also guarantees sick pay to participants on Official Social Security leaves of absence and further ensures payments of savings fund, funeral allowance and pecuniary aid. This plan was discontinued on October 31, 1977 when the new supplementary plan based on average salary took effect.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Supplementary average salary plan</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>This plan began on November 1, 1977 and is a defined benefit plan,</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>aimed at complementing the difference between the adjusted average of the participant&#8217;s salary for the last 12 months and the Official Social Security benefit for retirement, also on a lifetime basis.</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>As in the 35% plan, there is coverage for the benefits of sick pay, death and pension.</FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>This plan was discontinued on December 26, 1995 with the creation of the mixed supplementary benefit plan.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Mixed supplementary benefit plan</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>This plan began on December 27, 1995 and is a variable contribution plan. Besides the scheduled retirement benefit, it also covers the payment of risk benefits (pension paid while the participant is still working, disability compensation and sick/accident pay). Under this plan, the retirement benefit is calculated based on the amount accumulated by the monthly contributions of the participants and sponsors, as well as on each participant&#8217;s option for the manner in which they receive them, which can be lifetime (with or without continuity of pension for death) or through a percentage applied to the balance of the fund generating the benefit (loss for indefinite period). After retirement is granted, the plan takes on the characteristics of a defined benefit plan.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>CBSPrev Namisa plan </FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>This plan began on January 6, 2012 and is a defined contribution plan, with a small portion of defined benefit. Besides the scheduled retirement benefit, it also covers the payment of risk benefits (pension paid while the participant is still working, disability compensation and sick/accident pay). Under this plan, the retirement benefit is determined based on the accumulated amount by monthly contributions of participants and sponsors. To receive the benefit, each participant can opt for: (a) a percentage of up to 25% in a bullet payment and the remaining balance through a monthly income through a percentage applied to the fund generating the benefit, or (b) receive only a monthly income through a percentage applied to the fund generating the benefit.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>b.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Investment policy</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The investment policy establishes the principles and guidelines that will govern the investments of funds entrusted to the entity, in order to foster the security, liquidity and profitability required to ensure equilibrium between the plan&#8217;s assets and liabilities, based on an ALM (Asset Liability Management) study that takes into consideration the benefits of participants and beneficiaries for each plan.</FONT></FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_93"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The investment plan is reviewed annually and approved by the Decision-Making Board considering a 5-year horizon, as established by resolution CGPC 7 of December 4, 2003. The investment limits and criteria established in the policy are based on Resolution 3,792/09 published by the National Monetary Council (&#8220;CMN&#8221;).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>c.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Employee benefits</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The actuarial calculations are updated at the end of each annual reporting period by outside actuaries and presented in the interim financial statements pursuant to CPC 33 and IAS 19 </FONT></FONT><FONT face=arial,sans-serif><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Employee Benefits</FONT></I></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Obligations recognized in the balance sheet </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Pension plan benefits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,673 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,673 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Post-employment healthcare benefits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,377 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,377 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>469,050 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>469,050 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The reconciliation of employee benefits&#8217; assets and liabilities is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Present value of defined benefit obligations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,153,649)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value of plan assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,384,450 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Deficit)/surplus </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>230,801 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Restriction to actuarial assets due to recovery limitation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(174,926)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Liabilities)/assets, net </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>55,875 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,673)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets (*) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,548 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net (liabilities)/assets recognized in the balance sheet </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,673)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Changes in the present value of defined benefit obligation during 2011 are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Present value of obligations at the beginning of the year </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,982,556 &nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,579 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>202,242 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Benefits paid </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(178,403)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial loss/(gain) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>141,675 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Present value of obligations at the end of the year </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,153,649 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Changes in the fair values of plan assets during 2011 are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value of assets at the beginning of the year </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,316,018 &nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Expected return on plan assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>260,163 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sponsors' contributions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,709 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Participants' contributions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Benefits paid </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(178,402)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial (gains) losses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(81,038)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value of plan assets at the end of the year </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,384,450 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The amounts recognized in the income statement for the year ended December 31, 2011 are comprised as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></B></FONT>&nbsp;</P>

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 92 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_94"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of current services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,579)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(202,242)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected return on plan assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>260,163 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sponsors' contributions transferred in prior year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,710 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>120,052 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total unrecognized revenue (*) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>103,678 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total (cost)/revenue recognized in the income statement </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,374 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total (costs)/revenues, net </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>120,052 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(*) The Company did not recognize in its balance sheet the asset and the balancing items thereto resulting from the actuarial valuation of surplus plans because there is no clear evidence of its realization, in accordance with paragraph 59 (c) of CPC 33 and IAS 19 </FONT></FONT><FONT face=Arial,sans-serif><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Employee Benefits.</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>The (cost)/income is recognized in the income statement in other operating expenses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Changes in actuarial gains and losses in 2011 are as follows: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Actuarial gains and (losses) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(222,712)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Restriction due to recovery limitation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,655 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(117,057)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Actuarial gains and (losses) recognized in other comprehensive income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(28,048)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Unrecognized actuarial gains/(losses) (*) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(89,009)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Total cost of actuarial (gains) and losses </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(117,057)&nbsp;</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>(*) The actuarial loss results from the fluctuation in the investments that form CBS&#8217;s asset portfolio.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The history of actuarial gains and losses is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2009</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>01/01/2009 (**)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Present value of defined benefit obligations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,153,649)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,982,556)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,731,767)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,415,029)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value of plan assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,384,450 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,316,018 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,160,158 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,396,350 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Surplus </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>230,801 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>333,462 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>428,391 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,679)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Experience adjustments to plan obligations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>141,675 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>225,341 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>287,146 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Experience adjustments to plan assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(81,038)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>40,669 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>664,341 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The main actuarial assumptions used were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 93 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_95"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial financing method </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Projected unit credit</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Functional currency </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Real (R$)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Recognition of plan assets </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amount used as estimate of equity at the end of the year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Best estimate for equity at the end of the fiscal year, obtained based on a projection of October amounts recorded</FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Discount rate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.46%</FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation rate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nominal salary increase rate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5.65%</FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nominal benefit increase rate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.6%</FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Rate of return on investments </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11.52% - 12.24%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>General mortality table </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>AT 2000 segregated by gender </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Disability table </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Mercer Disability with probabilities multiplied by 2</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Disability mortality table </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Winklevoss - 1% </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Turnover table </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2% p.a. millennium plan, nil for defined benefit plans </FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Retirement age </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>100% on first date he/she becomes eligible for programmed retirement benefit under plan </FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Household of active participants </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>95% will be married at the time of retirement, with the wife being 4 years younger than the husband </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The assumptions related to the mortality table are based on published statistics and mortality tables. These tables represent an average life expectancy in years of employees retiring at the age of 65, as shown below.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Longevity at age of 65 for current participants </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Male&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19.55 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Female </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22.17 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Allocation of plan assets:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Variable income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>360,958 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>15.14%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,756,831 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>73.68%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Real estate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>190,756 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>8.00%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>75,905 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.18%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,384,450 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.00%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Expected long-term return on plan assets:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Variable income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>18.05%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.53%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Real estate </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.34%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.34%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11.78%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The actual return on plan assets was R$179,126 as of December 31, 2011.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Variable-income assets comprise mainly CSN shares.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Fixed-income assets comprise mostly debentures, Certificates of Interbank Deposit (&#8220;CDI&#8221;) and National Treasury Notes (&#8220;NTN-B&#8221;).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_96"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="82%">

   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Real estate refers to buildings appraised by a specialized asset appraisal firm. There are no assets in use by CSN and its subsidiaries.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>For the defined benefit plans, the expense as of March 31, 2012 was R$17,389 (R$16,428 as of March 31, 2011).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>For the mixed plan, which has defined contribution components, the expense as of March 31, 2012 was R$6,587 (R$5,879 as of March 31, 2011).</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>d.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Expected contributions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Expected contributions of R$69,244 will be paid to defined benefits plans in 2012. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>For the mixed supplementary benefit plan, which includes defined contribution components, expected contributions of R$27,500 will be paid in 2012. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>POST-EMPLOYMENT HEALTH CARE PLAN</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Refer to a healthcare plan created on December 1, 1996 exclusively for retired former employees, pensioners, those who received an amnesty, war veterans, widows of employees who died as a result of on-the-job accidents and former employees who retired on or before March 20, 1997 and their related dependents. Since then, the healthcare plan has not permitted the inclusion of new beneficiaries.&nbsp; The plan is sponsored by CSN and administered by Caixa Beneficente dos Empregados da Cia. Sider&#250;rgica Nacional - CBS. &nbsp;</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The amounts recognized in the balance sheet were determined as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Present value of obligations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,377 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,377 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,377 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,377 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The reconciliation of liabilities for healthcare benefits is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Actuarial liabilities at the beginning of the year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>367,839 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest on actuarial obligation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,616 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Sponsors' contributions transferred in prior year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(34,653)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Recognition of (gain)/loss for the year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>84,575 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial liabilities at the end of the year </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,377 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.05pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>For the post-employment healthcare benefit plan, the expense as of March 31, 2012 was R$7,786 (R$8,007 as of March 31, 2011).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The actuarial gains and losses recognized in equity are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial loss on obligation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>84,575 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loss recognized in equity </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>84,575 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The history of actuarial gains and losses is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2009</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>01/01/2009 (**)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Present value of defined benefit obligation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(457,377)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(367,839)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(317,145)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(296,608)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Deficit)/surplus </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(457,377)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(367,839)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(317,145)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(296,608)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Experience adjustments to plan obligations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>84,575 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,301 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,232 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,023 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: right">Page 95 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_97"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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<TR style="PAGE-BREAK-INSIDE: avoid">

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="18%" align=right>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

<DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>(**) IAS 19/CPC33 require disclosure of the history for five (5) years, although this does not have to be retrospectively applied for a first-time adopter of IFRS/CPC.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The impact on a one-percent change in the assumed trend rate of the healthcare cost is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Decrease </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect on total cost of current service and finance cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect on defined benefit obligation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>42,032 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(35,916)</FONT></P></TD></TR>

<TR>

   <TD width="85%">&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

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<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>The actuarial assumptions used for calculating postemployment healthcare benefits were:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Biometric </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>General mortality table </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>AT 2000 segregated by gender </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Turnover </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>N/A </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Household </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actual household </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial nominal discount rate </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.46%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.6%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase in medical cost due to age </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.6%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nominal growth rate of medical service costs </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.31%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Average medical cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>299.69 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>30.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>COMMITMENTS &nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>a.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Take-or-pay contracts</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>As of March 31, 2012, the Company was a party to take-or-pay contracts as shown in the following table: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

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<A name=page_98></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Payments in the period </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Concessionaire </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Type of service </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Agreement terms and conditions </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>After 2015 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total </FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>MRS Log&#237;stica </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Iron ore transportation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Contractual clause providing for guaranteed revenue on railway freight. In the case of CSN, this means a minimum payment of 80% of freight estimate. </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,545</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,999</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>132,044</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>176,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>176,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>176,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>88,029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>748,247</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>MRS Log&#237;stica </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel products transportation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transportation of at least 80% of annual volume agreed with MRS. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,113</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>44,072</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,484</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>244,842</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>MRS Log&#237;stica </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Iron ore, coal and coke transportation </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transportation of 8,280,000 metric tons per year of iron ore and 3,600,000 metric tons per year of coal, coke and other reducing agents. </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>269</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>66,706</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>66,706</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>FCA </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining products transportation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transportation of at least 1,900,000 metric tons per year. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>247</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>63,085</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>110,399</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>FCA </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>FCA railway transportation of clinker to CSN Cimentos </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transportation of at least 675,000 metric tons per year of clinker in 2011 and 738,000 metric tons per year of clinker starting 2012.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,268 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,203</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>116,727</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>217,741</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ALL </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Railway transportation of steel products </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Rail transportation of at least, 20,000 metric tons of steel products monthly, which can vary 10% up or down, originated at the &#193;gua Branca Terminal in S&#227;o Paulo for CSN PR in Arauc&#225;ria, State of Paran&#225;. </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,727</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,866</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,180</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,180 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>White Martins </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Supply of gas (oxygen, nitrogen and argon) </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakers to buy at least 90% of the annual volume of gas contracted with White Martins. </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,828</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>70,205</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,606</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,606</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,606</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,606</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>444,629</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CEG Rio </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Supply of natural gas </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="30%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakes to buy at least 70% of the monthly natural gas volume. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,107</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>124,160</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>200,331</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>200,331</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Vale S.A </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Supply of iron ore pellets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="29%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakes to buy at least 90% of the volume of iron ore pellets secured by contract. The take-or-pay volume is determined every 18 months. </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%" align=left>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>76,054</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>89,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>95,640</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>127,521</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>85,014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>308,175</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Compag&#225;s </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Supply of natural gas </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="29%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakes to buy at least 80% of the monthly natural gas volume contracted with Compag&#225;s. </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%" align=left>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,001</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,736</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,528</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,038</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,038</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,038</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>126,342</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>178,984</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>COPEL </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Power supply </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="29%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakers to buy at least 80% of the annual energy volume contracted with COPEL. </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%" align=left>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,769</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,616</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,934</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>68,011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 35.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>K&amp;K Tecnologia </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Processing of blast furnace sludge generated during pig iron production </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="29%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakes to supply at least 3,000 metric tons per month of blast furnace sludge for processing at K&amp;K sludge c</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>oncentration plant. </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%" align=left>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,358</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,154</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,306</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,074</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,074</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,074</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>51,283</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>77,811</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 66.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Harsco Metals </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Processing of slag generated during pig iron and steel production </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="29%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Harsco Metals undertakes to process metal products and slag crushing byproducts resulting from CSN&#8217;s pig iron and steel manufacturing process, receiving for this processing the amount corresponding to the product of the multiplication of unit price (R$/t) by total production of liquid steel from CSN steel mill, ensuring a minimum production of liquid steel of 400,000 metric tons.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%" align=left>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,381</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,005</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,500</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 66.1pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,500</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="29%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 54.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Siemens </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Manufacturing, repair, recovery and production of ingot casting machine units </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="29%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Siemens undertakes to manufacture, repair, recover and produce, in whole or in part, ingot casting machine units to provide the necessary off-line and on-line maintenance of continuous ingot casting machine assemblies of the Presidente Vargas plant (UPV). Payment is set at R$/t of produced steel plates.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%" align=left>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,201 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,555</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,243</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,856</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>43,099</FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 2.9pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>219,390 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>334,925 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>745,888 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>623,424 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>483,976 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>383,962 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>540,405 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,777,655 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>b.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Concession arrangements</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Minimum future payments related to government concessions as of March 31, 2012 fall due according to the schedule set out in the following table:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="Times New Roman"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=PT-BR></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Company </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Concession </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Type of service </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>After 2015 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 54.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>MRS </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>30-year concession, renewable for another 30 years, to provide iron ore railway transportation services from the Casa de Pedra mines, in Minas Gerais, coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, transportation of export goods to the Itagua&#237; and Rio de Janeiro Ports, and shipping of finished goods to the domestic market.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>60,129 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>80,171 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>80,171 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>80,171 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>821,757</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,122,399</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 54.5pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transnordestina </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>30-year concession granted on December 31, 1997, renewable for another 30 years for the development of public utility to operate the Northeastern railway system. The railway system covers 4,238 kilometers of railroads in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,857 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,476 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,476 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,476 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>73,931</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>98,216</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 32.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tecar </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Concession to operate TECAR, a solid bulk terminal, one of the four terminals that comprise the Itagua&#237; Port, in Rio de Janeiro, for a period ending 2022 and renewable for another 25 years. </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>83,996</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>125,922</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>125,922</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>881,455</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,335,208</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tecon </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>25-year concession granted in July 2001, renewable for another 25 years, to operate the container terminal at the Itagua&#237; Port. </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,597</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,129</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,129</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,129</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>221,293</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>304,277</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>165,579 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>226,689 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>234,698 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>234,698 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,998,436 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,860,100 </FONT></B></P></TD></TR>

<TR>

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<P style="MARGIN: 0cm 0cm 10pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>31.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>INSURANCE&nbsp;&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Aiming to properly mitigate risk and in view of the nature of its operations, the Company and its subsidiaries have taken out several different types of insurance policies. Such policies are contracted in line with the CSN Risk Management policy and are similar to the insurance taken out by other companies operating in the same lines of business as CSN and its subsidiaries. The risks covered under such policies include the following: Domestic Transportation, International </FONT></FONT><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Transportation, Carrier&#8217;s Civil Liability, Importation, Exportation, Life and Casualty, Health Coverage, Fleet Vehicles, D&amp;O (Civil Liability Insurance for Directors and Officers), General Civil Liability, Engineering Risks, Sundry Risks, Export Credit, Performance Bond and Port Operator&#8217;s Civil Liability. </FONT></FONT></P>

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<P style="TEXT-ALIGN: right">Page 97 of 100</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name="page_99"></A><BR><FONT face="Times New Roman"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT><BR><BR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=PT-BR></FONT></FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In 2011, after negotiation with insurers and reinsurers in Brazil and abroad, an Insurance Issue Certificate was issued for the contracting of a policy of Operational Risk of Property Damages and Loss of Profits, with effect from March 23, 2011 to March 22, 2012, which had its term extended for the period from March 23, 2012 to June 30, 2012.&nbsp; Under the insurance policy, the LMI (Maximum Limit of Indemnity) is R$850,000 and covers the following units and subsidiaries of the Company: Usina Presidente Vargas, Minera&#231;&#227;o Casa de Pedra, Minera&#231;&#227;o Arcos, CSN Paran&#225;, CSN Porto Real, Terminal de Cargas TECAR, Terminal TECON, NAMISA and CSN Cimentos. CSN takes responsibility for a range of retention of R$170,000 in excess of the deductibles for property damages and loss of profits and co-participates with 53.55% of the risks exceeding this amount. The Company plans to reduce the co-participation.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>In view of their nature, the risk assumptions adopted are not part of the scope of a review of interim financial statements and, accordingly, were not reviewed by our independent auditors.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>32.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>ADDITIONAL INFORMATION TO CASH FLOWS </FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Deferred income tax and social contribution paid </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,190 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,583 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,337 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Addition to PP&amp;E with interest capitalization </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>102,526 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>70,868 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>67,011 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>46,523 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Purchase of PP&amp;E without increasing cash </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>373,673 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>106,716 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>84,451 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>440,684 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>52,860 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>33.</FONT></B></FONT><FONT face="times new roman"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp; </FONT></B></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US>EVENTS AFTER THE REPORTING PERIOD </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>CADE&nbsp;</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>On April 11, 2012, the CADE (Brazilian antitrust agency) issue a cautionary measure restricting the Company, but not limited to, acquiring more shares of Usiminas or exercising the voting rights of shares it already holds. The Company is analyzing alternatives to preserve CSN rights.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=Arial,sans-serif><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US>Annual Shareholders&#8217; Meeting (ASM)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>At the Annual Shareholders&#8217; Meeting held on April 27, 2012, the shareholders approved the allocation of the Company&#8217;s profit for the year ended December 31, 2011 and the allocation of the unrealized earnings reserve, as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Payment of dividends amounting to&nbsp;R$1,200,000, corresponding to R$0.82306 per share;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Capital increase amounting to R$2,859,053; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT face=symbol><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>&#183;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US>Recognition of a statutory reserve amounting to R$3,426,336.&nbsp; </FONT></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT face=Arial,sans-serif><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal">Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><U><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US></FONT></U></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><U><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US>REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US>To the Board of Directors and Shareholders of</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=PT-BR>Companhia Sider&#250;rgica Nacional</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT face=arial,sans-serif><U><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=PT-BR>S&#227;o Paulo &#8211; SP</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US>Introduction</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US>We have reviewed the accompanying individual and consolidated interim financial information of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), included in the Interim Financial Information Form (ITR), for the quarter ended March 31, 2012, which comprises the balance sheet as of March 31, 2012 and the related income statement and statement of comprehensive income for the three-month period then ended and the statement of changes in equity and statement of cash flows for the three-month period then ended, including the explanatory notes.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US>Management is responsible for the preparation of the individual interim financial information in accordance with CPC 21 &#8211; Interim Financial Reporting and the consolidated interim financial information in accordance with CPC 21 and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US>Scope of review</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US>We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 &#8211; Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US>Conclusion on the individual interim financial information</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 9pt" lang=EN-US>Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the ITR referred to above is not prepared, in all material respects, in accordance with CPC 21 applicable to the preparation of Interim Financial Information (ITR) and presented in accordance with the standards issued by the Brazilian Securities Commission. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT color=black face=arial,sans-serif><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US>Conclusion on the consolidated interim financial information</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US>Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the ITR referred to above is not prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of Interim Financial Information (ITR) and presented in accordance with the standards issued by the Brazilian Securities Commission.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT color=black face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US>Other matters</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT color=black face=arial,sans-serif><U><FONT style="FONT-SIZE: 9pt" lang=EN-US>Statements of value added</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>We have also reviewed the individual and consolidated interim statements of value added (&#8220;DVA&#8221;), for the three-month period ended </FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>March 31, 2012</FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>, prepared under the responsibility of the Company's management, the presentation of which is required by the standards issued by the Brazilian Securities Commission (CVM) applicable to the preparation of Interim Financial Information (ITR), and&nbsp; considered as supplemental information for IFRS that does not require the presentation of </FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>DVA. These statements were subject to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they are not prepared, in all material respects, in relation to the individual and consolidated interim financial information taken as a whole.</FONT></FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT color=black><FONT color=black face="Times New Roman"><FONT style="FONT-SIZE: 8pt">ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 8.25pt 0in 0pt"><FONT face=arial,sans-serif><I><FONT style="FONT-SIZE: 9pt" lang=EN-US>Review of individual and consolidated interim financial information for the three months ended March 31, 2011 and audit of individual and consolidated financial statements for the year ended December 31, 2011 </FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 8.25pt 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US>The amounts for the three months ended March 31, 2011, presented for comparison purposes, were previously reviewed by other independent auditors, whose report, without qualification, was issued and dated on May 3, 2011. The amounts for the year ended December 31, 2011, presented for comparison purposes, were previously audited by other independent auditors, whose report, without qualification, was issued and dated on March 26, 2012. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0.5in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US>The accompanying </FONT></FONT><FONT color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US>interim financial information </FONT></FONT><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US>has been translated into English for the convenience of readers outside Brazil.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0.5in"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US>S&#227;o Paulo, May 4, 2012</FONT></FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 22.7pt"><FONT face=arial,sans-serif><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 9pt" lang=EN-US>Roberto Wagner Promenzio</FONT></FONT></P></TD></TR>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">SIGNATURE </FONT></DIV>

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<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;May 22, 2012</FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

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   <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></P>

<P>&nbsp;</P>

<P></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>

<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;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></P>

<P>&nbsp;</P>

<P></P>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P></P>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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<P style="TEXT-ALIGN: right">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
