<SEC-DOCUMENT>0001292814-12-002099.txt : 20120815
<SEC-HEADER>0001292814-12-002099.hdr.sgml : 20120815
<ACCEPTANCE-DATETIME>20120815102503
ACCESSION NUMBER:		0001292814-12-002099
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20120630
FILED AS OF DATE:		20120815
DATE AS OF CHANGE:		20120815

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:		121035593

	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>sidpr2q12_6k.htm
<DESCRIPTION>EARNINGS RELEASE 2Q12
<TEXT>

<HTML>
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   <TITLE>sidpr2q12_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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

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

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

<DIV align=center>

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

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

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

<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>

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

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

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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp; &nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><B><I><FONT style="LETTER-SPACING: -1pt; FONT-SIZE: 12pt" lang=EN-US face="trebuchet ms,sans-serif">CSN POSTS NET REVENUE OF R$8.0 BILLION, EBITDA OF R$2.2 BILLION, EBITDA MARGIN OF 28% AND </FONT></I></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><B><I><FONT style="LETTER-SPACING: -1pt; FONT-SIZE: 10.5pt" lang=EN-US face="trebuchet ms,sans-serif">NET INCOME OF R$644 MILLION WITHOUT THE RECLASSIFICATION OF AVAILABLE-FOR-SALE INVESTMENT IN THE 1H12</FONT></I></B></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">S&#227;o Paulo, August 14, 2012</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Companhia Sider&#250;rgica Nacional (CSN) (BM&amp;FBOVESPA: CSNA3) (NYSE: SID) announces today its consolidated results for the second quarter of 2012 (2Q12), which are denominated in Brazilian Reais and in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with Brazilian accounting practices, which are fully convergent with international accounting norms, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The comments herein refer to the Company&#8217;s consolidated results and comparisons refer to the first quarter of 2012 (1Q12) and second quarter of 2011 (2Q11), unless otherwise stated. The Real/US Dollar exchange rate on June 29, 2012 &nbsp;was R$2.021.</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="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; 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><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Executive Summary </FONT></B></H3></DIV>

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   <TD width="40%"></TD>

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

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   <TD style="TEXT-INDENT: 6px" bgColor=#000080 vAlign=middle width="40%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Consolidated Highlights</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12 x 1Q12<BR></FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>(Change)</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"> </FONT></FONT></TD>

   <TD bgColor=#000080 vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12 x 2Q11<BR></FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>(Change)</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"> </FONT></FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Revenue (R$ MM)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,137</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,896</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,323</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">6%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-4%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Gross Profit (R$ MM)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,156</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,143</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,836</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-37%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Adjusted EBITDA (R$ MM)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,120</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,113</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,773</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-37%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Adjusted EBITDA Margin (%)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">27%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">29%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">41%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- 2 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- 14 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Total Sales (thousand t)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- Steel</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,412</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,322</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,300</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">7%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">9%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- Domestic Market</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">74%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">78%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">86%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- 4 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- 12 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- Overseas Subsidiaries</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">23%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">20%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">10%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">13 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- Export</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-1 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- Iron Ore</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><B><SUP>1</SUP></B>&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">6,099</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">6,691</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">6,743</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-9%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-10%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- Domestic Market</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">7%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- 4 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px" width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- Export</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">97%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">97%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">93%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4 p.p.</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Debt (R$ MM)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">15,605</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">14,266</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">11,308</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">9%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">38%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Debt/Adjusted EBITDA</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><SUP>2</SUP>&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2.89x</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2.36x</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1.72x</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">0.53x</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1.17x</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cash Position</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">13,690</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">14,144</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">11,685</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-3%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">17%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD width="52%" colSpan=2 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1) Sales volumes include 100% of NAMISA sales</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD width="52%" colSpan=2 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2) Adjusted EBITDA for the last 12 months</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.9pt; BORDER-TOP: #808080 2px solid; PADDING-TOP: 0in" width="51%">

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">At the close of 1H12</FONT></U></B></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -9.8pt; MARGIN: 0in 0in 0pt 9.8pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">BM&amp;Fbovespa: CSNA3 R$11.38/share</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -9.8pt; MARGIN: 0in 0in 0pt 9.8pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">NYSE: SID US$5.67/ADR (1 ADR = 1 share)</FONT></P>

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

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -9.8pt; MARGIN: 0in 0in 0pt 9.8pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Appreciation of share (CSNA3): -20%</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -9.8pt; MARGIN: 0in 0in 0pt 9.8pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Appreciation of ADR (SID): -27%</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -9.8pt; MARGIN: 0in 0in 0pt 9.8pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Market Cap: R$16.6 billion/US$8.3 billion</FONT></P>

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

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   <P style="MARGIN: 1pt 0in 0pt 3.7pt"><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif"></FONT></B><B><U><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">Investor Relations Team</FONT></U></B></P>

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

   <P style="MARGIN: 0in 0in 0pt 0.05in"><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">- IR Manager: </FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">Claudio Pontes - (+55 11) 3049-7592</FONT></P>

   <P style="MARGIN: 0in 0in 0pt 0.05in"><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">- </FONT><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">Specialist:&nbsp;</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif"> Fernando Campos &#8211; (+55 11) 3049-7591</FONT></P>

   <P style="MARGIN: 0in 0in 0pt 0.05in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">- </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Specialist:&nbsp;</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"> Kate Murano - (+55 11) 3049-7585</FONT></P>

   <P style="MARGIN: 0in 0in 0pt 0.05in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">- </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Analyst: </FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Stephan Szolimowski &#8211; (+55 11) 3049-7593</FONT></P>

   <P style="MARGIN: 0in 0in 0pt 0.05in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">- </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Trainee:&nbsp;</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"> Ana Troster - (+55 11) 3049-7526</FONT></P></TD></TR>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The outlook for the global economy remains of low growth, basically due to the prolongation of the European crisis, the economic slowdown in the emerging countries, including China, &nbsp;and a&nbsp; slower recovery in the United States. This deterioration in the economic global scenario led to a decline in commodity prices and weaker international trade, resulting in higher financial market volatility worldwide and increased risk aversion.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The International Monetary Fund (IMF) expects global economic growth of 3.5% this year, less than the 3.9% recorded in 2011.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">U.S. GDP growth came to 1.5% in 2Q12, versus 1.9% in 1Q12, with a 1.5% increase in personal consumption expenses and a 5.3% upturn in exports. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the FED, industrial production climbed by 1.4% in the second quarter, led by vehicle and auto parts output, which increased by 18.2%. Manufacturing Purchasing Managers Index (PMI) reached 49.8 points in July, in line with the previous month.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The FED&#8217;s Beige Book for July reported a level of activity between modest and moderate in all 12 districts. The country posted an external trade deficit of US$48.7 billion in May, less than the US$50.6 billion recorded in April.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">FED&#8217;s forecast for annual GDP has deteriorated since April and it now expects a growth ranging from 1.9% to 2.4%, versus the previous 2.4% to 2.9%, accompanied by inflation from 1.2% to 1.7% and an unemployment rate from 8.0% to 8.2%.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The European crisis is currently the biggest challenge for the global economy, with all the uncertainties regarding the situation in Greece and fears that Spain as whole, and not just its banking sector, will require assistance. Although the leading Eurozone countries have approved a rescue package of up to &#8364;100 billion for the Spanish banks, the prevailing worries have not dissipated. In addition to Valencia, another six autonomous regions should seek help from the central government to finance their debts and the Spanish Central Bank expects a further 0.4% decline in economic activity in 2Q12.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Moody&#180;s Investors Service downgraded Germany, the Netherlands and Luxemburg from a stable to a negative rating outlook due to growing uncertainty surrounding the debt crisis and increased fears of Greek insolvency and the country&#8217;s possible exit from the Eurozone. The agency also stated that the German banking system is vulnerable to any worsening of the economic scenario in the Eurozone.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The measures announced at the European Summit can contribute towards the development of an independent banking union. The creation of single supervision system for Eurozone banks, called the European Stability Mechanism, will allow banks to be recapitalized directly.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Preliminary figures point to a 0.7% retraction in UK GDP in 2Q12, the third successive quarterly decline and the biggest retraction since 2009. The construction industry was chiefly responsible for this decline, although the production and services sectors also &nbsp;presented fragility. The Bank of England has cut its growth forecast to close to zero in 2012.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Eurozone manufacturing PMI reached 44.0 points in July, less than the 45.1 recorded in June and the lowest figure for 37 months. The only country to record a modest upturn was Ireland, with 53.9 points. &nbsp;Nevertheless, industrial production fell by 0.6% in June over May. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Average unemployment in June remained at 11%, the same level recorded in May and equivalent to 17.8 million people out of work. Germany had one of the lowest rates (5.4%), while Spain was the most affected country in the region, with 24.8%. In June, annualized inflation reached 2.4%, flat when compared to May.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to Eurostat, Eurozone GDP in 2Q12 fell by 0.2% over the previous quarter. For 2012, the European Central Bank forecasts a variation of Eurozone GDP between -0.5% to 0.3%.</FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Chinese economy continues to present important expansion, although at lower rates. GDP growth &nbsp;was 7.6% in the second quarter, versus 8.1% in 1Q12, closing the first half at 7.8%. The Chinese Central Bank expects annual GDP growth of 7.5% in 2012, versus actual growth of 9.2% in 2011.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Manufacturing PMI in China reached 49.3 points in July, higher than the 48.2 recorded in June. Even though industrial production posted annualized growth of 10.5% in the first half of the year, there was a slowdown in 2Q12, whose 9.5% upturn was below the 11.4% recorded in 1Q12. Retail sales increased by 14.4% in the first six months of 2012.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Annualized inflation fell to 2.2% in June from 3.0% in May, giving a first-half average of 3.3%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In Japan, the Central Bank&#8217;s Regional Economic Report, published in July, pointed to an upturn in economic activity. For 2012, the IMF estimates Japanese GDP growth of 2.4%. </FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The outlook for Brazil&#8217;s economy is less positive than previously expected due to the deterioration of the global economy, which had a negative impact on business expectations, investments and credit. According to the Central Bank&#8217;s latest FOCUS report, GDP should record growth of 1.81% in 2012, below the 3.3% expected at the beginning of the year, although the IMF is more optimistic, estimating a 2.5% growth.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the IBGE (Brazilian Institute of Geography and Statistics), 1Q12 GDP edged up by only 0.2% over 4Q11, chiefly due to weaker industrial activity and lower household consumption growth. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Industrial production fell by 3.8% year-on-year in the first half of the year, with all use categories recording negative performance. Following three successive months of decline, industrial production in June increased by 0.2% over May. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">June&#8217;s consumer confidence index (ICC) of 123.5 points, measured by the Getulio Vargas Foundation (FGV), fell by 2.8% in relation to the 127.1 points recorded in May.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">On the other hand, first-half exports posted the second-best result for the period, reaching US$117 billion, while imports also set a new record of US$110 billion, 4.6% up year-on-year, giving a period trade surplus of US$7.1 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In June, inflation measured by the IPCA consumer price index edged up by 0.08%, impacted by the reduction in IPI (federal VAT) on vehicle prices as of May. In the first half, the index stood at 2.32%, below the 3.87% posted in the same period of 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Selic base rate, defined by the Monetary Policy Committee (COPOM), began 2012 at 11.00%, gradually being reduced until reaching 8.00% in mid-July, the lowest figure since 1997. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The banking system&#8217;s stock of credit totaled R$2.1 trillion in May, 1.7% up on the previous month and equivalent to 50.1% of GDP. Consumer default in the first semester of the year moved up by 19.1% year-on-year. &nbsp;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Also in the first half of 2012, the real depreciated by 7.2% against the U.S. dollar, reaching an exchange rate of R$2.02 on June 29, while foreign reserves closed June at US$373 billion.</FONT></P>

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

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

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

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">5.11</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">5.50</FONT></P></TD></TR>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">2.00</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">2.00</FONT></P></TD></TR>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">7.25</FONT></P></TD>

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

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

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">4.00</FONT></P></TD></TR>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">-1.00</FONT></P></TD>

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

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">Source: FOCUS BACEN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base: August 10, 2012</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN recorded consolidated net revenue of R$4,137 million in 2Q12, 6% up on 1Q12, chiefly due to the increase in revenue from the steel business through its German subsidiary, SWT, whose results were fully consolidated in the second quarter, therefore increasing sales volume. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face="Trebuchet MS"></FONT>&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="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Cost of goods sold (COGS) </FONT></B></H3></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q12, consolidated COGS reached R$2,981 million, 8% up on the previous quarter, chiefly due to higher steel sales, partially offset by the lower volume sold in mining segment. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face="Trebuchet MS"></FONT>&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="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Selling, General, Administrative and Other Operating Expenses</FONT></B></H3></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">SG&amp;A expenses totaled R$327 million in the second quarter, 4% more than in 1Q12, chiefly due to higher administrative provisions. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The &#8220;Other Operating Expenses&#8221; line was negative by R$2,283 million in 2Q12, versus a negative R$112 million in 1Q12, essentially due to the reclassification of CSN&#8217;s accumulated losses from its investments in Usiminas&#8217; common (USIM3) and preferred (USIM5) shares, which were previously booked under other comprehensive income line in Shareholders&#8217; Equity, in the total of R$1,599 million net of taxes, to the income statement, with the amount of R$2,023 million being booked under other operating expenses and R$423 million under deferred taxes. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Based on the prevailing legal and accounting rules, as well as on the Company&#8217;s investment policy,&nbsp; management perceived evidence of significant reduction in its investment in Usiminas' shares on June 30, 2012 and consequently decided on its accounting reclassification.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">This reclassification had no impact on the Company&#8217;s cash flow.</FONT></P>

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

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA comprises net income before the financial result, income and social contribution taxes, depreciation and amortization and other operating revenue (expenses), the latter item being excluded due to its non-recurring nature.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA totaled R$1,120 million in 2Q12, 1% up on the R$1,113 million recorded in 1Q12, while the adjusted EBITDA margin reached 27%, down by 2 p.p. over 1Q12.</FONT></P></TD>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The 2Q12 net financial result was negative by R$318 million, chiefly due to the following factors:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Interest on loans and financing totaling R$581 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Expenses of R$43 million with monetary restatement of tax installments;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Other financial expenses totaling R$28 million.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">These negative effects were partially offset by:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Monetary and exchange variations totaling R$269 million; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Returns on financial investments of R$65 million.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">On June 30, 2012, consolidated net debt stood at R$15.6 billion, R$1.3 billion more than the R$14.3 billion recorded on March 31, 2012, essentially due to the following factors:</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Payment of R$1.2 billion in dividends; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Investments of R$0.7 billion in fixed assets;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">A R$0.6 billion effect from disbursements related to debt charges;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Other effects which increased net debt by R$0.1 billion.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">These effects were partially offset by 2Q12 adjusted EBITDA of R$1.1 billion and the R$0.2 billion reduction in working capital.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The net debt/EBITDA ratio closed the second quarter at 2.89x, based on LTM adjusted EBITDA.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN posted a consolidated net loss of R$1.0 billion in 2Q12, basically due to the accounting reclassification described under &#8220;Other Operating Expenses&#8221;. Excluding these effects, which had no cash impact, the Company would have recorded net income of R$551 million.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN invested R$775 million in 2Q12, R$365 million of which in subsidiaries or joint subsidiaries, allocated as follows:</FONT></P>

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

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Transnordestina Log&#237;stica: R$259 million;</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt"><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">MRS Log&#237;stica: R$65 million.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The remaining R$410 million went to the parent company, mostly in the following projects:</FONT></P>

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

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Expansion of the Casa de Pedra mine and Itagua&#237; Port: R$97 million;</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Construction of the long steel plant: R$137 million;</FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Current investments: R$53 million.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Working capital closed 2Q12 at R$2,301 million, R$195 million down on the end-of-March balance, chiefly &nbsp;reflecting the improved management of the Company&#8217;s receivables and payables. Comparing to the close of 1Q12, the average receivables period narrowed by three days, while the average supplier payment period increased by four days and the average inventory turnover period fell by three days, improving the cash conversion cycle by 10 days.</FONT></P>

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   <TD style="BACKGROUND-COLOR: #000080" vAlign=middle width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>WORKING CAPITAL (R$ MM)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" bgColor=#003366 vAlign=middle width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" bgColor=#003366 vAlign=middle width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" bgColor=#003366 vAlign=middle width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Change<BR></FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>2Q12 x 1Q12</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"> </FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Assets</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,424</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,372</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(52)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Accounts Receivable</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,787</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,657</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(130)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Inventory </FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><B><SUP>(*)</SUP></B>&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,627</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,648</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">21</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Advances to Taxes</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">10</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">67</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">57</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Liabilities</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,928</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,071</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">143</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Suppliers</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,335</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,517</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">182</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Salaries and Social Contribution</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">202</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">231</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">29</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Taxes Payable</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">357</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">294</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(63)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Advances from Clients</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">34</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">29</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(5)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Working Capital</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,496</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,301</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(195)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #000080" bgColor=#003366 vAlign=middle width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>TURNOVER RATIO<BR></FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>Average Periods</FONT></STRONG></FONT></FONT></TD>

   <TD style="BACKGROUND-COLOR: #000080" bgColor=#003366 vAlign=middle width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q12</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #000080" bgColor=#003366 vAlign=middle width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #000080" bgColor=#003366 vAlign=middle width="15%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>Change<BR></FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>2Q12 x 1Q12</FONT></STRONG></FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Receivables</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">34</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">31</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(3)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Supplier Payment</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">44</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">48</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Inventory Turnover</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">87</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">84</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(3)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cash Conversion Cycle</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">77</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">67</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(10)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(*) Inventory - includes "Advances to Suppliers" and does not include "Supplies".</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 6pt 0in" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</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="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Results by Segment</FONT></B></H3></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Company maintains integrated operations in five business segments: steel, mining, logistics, cement and energy.&nbsp; The main assets and/or companies comprising each segment are presented below: </FONT></P>

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

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

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



<TR>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#000080 width="19%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Mining</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #000080; TEXT-INDENT: 8px" width="19%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Logistics</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="TEXT-INDENT: 8px" bgColor=#000080 width="19%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Cement</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center><B><FONT color=#ffffff></FONT></B></TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#000080 width="19%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Energy</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=9><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Pres. Vargas Steel Mill</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Casa de Pedra</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Railways:</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Volta Redonda</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">CSN Energia</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Porto Real</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Namisa (60%)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- MRS</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Arcos</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Itasa</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Paran&#225;</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tecar</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- Transnordestina</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">LLC</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">ERSA</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=left><B></B></TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Port:</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD bgColor=#c0c0c0 width="19%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD bgColor=#c0c0c0 width="19%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Lusosider</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- Sepetiba Tecon</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Prada (Distribution and</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD bgColor=#c0c0c0 width="19%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Packaging)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Metalic</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">SWT</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The charts below show the various segments&#8217; contribution to CSN&#8217;s overall net revenue and adjusted EBITDA:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue by segment (R$ million)</FONT></U></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> &nbsp;</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA by segment (R$ million)</FONT></U></B></P>

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

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   <TD vAlign=middle width="28%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">R$ million</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD vAlign=middle width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="28%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Consolidated Results</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Steel</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Mining</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT style="FONT-SIZE: 9pt" color=#ffffff></FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT style="FONT-SIZE: 9pt" color=#ffffff>Logistics<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>(Port)</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms"> </FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT style="FONT-SIZE: 9pt" color=#ffffff></FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT style="FONT-SIZE: 9pt" color=#ffffff>Logistics<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>(Railways)</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms"> </FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Energy</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Cement</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Eliminations<BR></FONT></B><FONT style="FONT-SIZE: 9pt"></FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>/Corporate</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms"> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-SIZE: 9pt" color=#ffffff face="Trebuchet MS">Consolidated</FONT></STRONG><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD width="28%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Revenue</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,652</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,143</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 6px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">35</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">263</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">57</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">94</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(107)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,137</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#c0c0c0 width="28%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Domestic Market</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,968</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">187</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="TEXT-INDENT: 6px" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">35</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">263</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">57</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">94</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(107)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,497</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="28%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Foreign Market</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">684</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">956</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 6px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 7px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,640</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cost of Goods Sold</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,234)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(535)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(20)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(183)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(33)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(79)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">104</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,981)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Gross Profit</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">418</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">608</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 6px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">15</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">80</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">24</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">15</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(4)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,156</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Selling, General and Administrative Exp</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(136)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(48)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="TEXT-INDENT: 6px" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(5)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="TEXT-INDENT: 6px" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(24)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(5)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(18)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(90)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(327)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">190</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">47</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">33</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">291</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="28%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Adjusted EBITDA</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">471</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">607</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">88</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">23</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">6</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(86)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,120</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Adjusted EBITDA Margin</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">18%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">53%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">33%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">34%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">40%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 5px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">6%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">27%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=17><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=17><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="28%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">R$ million</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD vAlign=middle width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="28%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Consolidated Results</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Steel</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Mining</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT style="FONT-SIZE: 9pt" color=#ffffff></FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT style="FONT-SIZE: 9pt" color=#ffffff>Logistics<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>(Port)</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms"> </FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT style="FONT-SIZE: 9pt" color=#ffffff></FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"><STRONG><FONT style="FONT-SIZE: 9pt" color=#ffffff>Logistics<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><STRONG><FONT color=#ffffff>(Railways)</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms"> </FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Energy</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 vAlign=middle width="1%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Cement</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff><STRONG><FONT style="FONT-SIZE: 9pt"></FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff><STRONG><FONT style="FONT-SIZE: 9pt">Eliminations<BR>/Corporate</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#000000> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="1%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff><STRONG><FONT style="FONT-SIZE: 9pt"></FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT face="Trebuchet MS"><STRONG><FONT style="FONT-SIZE: 9pt" color=#ffffff>Consolidated</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Revenue</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,399</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,194</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 6px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">33</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">248</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">55</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">87</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(120)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,896</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#c0c0c0 width="28%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Domestic Market</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,935</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">144</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="TEXT-INDENT: 6px" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">33</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">248</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">55</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">87</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(120)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,382</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="28%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Foreign Market</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">464</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,050</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 6px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="TEXT-INDENT: 7px" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,514</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cost of Goods Sold</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,006)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(574)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(20)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(175)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(32)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(65)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">120</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,753)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Gross Profit</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">393</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">620</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 6px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">13</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">73</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">22</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">21</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">0</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,143</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Selling, General and Administrative Exp</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(116)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(76)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="TEXT-INDENT: 6px" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(5)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="TEXT-INDENT: 6px" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(22)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(6)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(19)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(72)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(315)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">188</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">46</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">36</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">285</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="28%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Adjusted EBITDA</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">466</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">590</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">88</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">21</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(68)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,113</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Adjusted EBITDA Margin</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="1%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">19%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">49%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">28%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">35%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">39%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">9%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">29%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the World Steel Association (WSA), global crude steel production totaled 767 million tonnes in the first half, 1% up on the same period last year, with China, responsible for 356 million tonnes, recording a similar growth rate. Existing global capacity use also increased slightly, inching up from 79.7% in May to 80.4% in June.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the Brazilian Steel Institute (IABr), domestic production in 2Q12 totaled 8.7 million tonnes of crude steel, stable over the previous quarter, and 3.9 million tonnes of rolled flat steel, up by 18% in the same period. Crude steel output reached 17.4 million tonnes in the first half, a reduction of 2.5% year-on-year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The institute has lowered its annual forecast for 2012 and now expects crude steel output of around 36 million tonnes, versus its end-of-2011 estimate of 37.5 million, equivalent to annual growth of 2.2%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Second-quarter domestic flat steel sales totaled 2.9 million tonnes, 4% more than in 1Q12, while exports totaled 0.5 million tonnes, up by 68%. First-half domestic sales of flat steel amounted to 5.7 million tonnes, with exports of 0.8 million tonnes, 3% and 36% down, respectively, on 1H11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Apparent consumption of flat steel totaled 3.3 million tonnes in the second quarter, virtually flat over the 1Q12 figure, and 6.8 million tonnes in the first half, 1% down year-on-year. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Second-quarter flat steel imports came to 0.5 million tonnes, 19% less than in 1Q12, while first-half imports totaled 1.1 million tonnes.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to ANFAVEA (the Auto Manufacturers&#8217; Association), vehicle production totaled 815,000 units in 2Q12, 10% up on 1Q12, and 1.55 million in the first half of the year, 9.4% less than in 1H11.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Vehicle sales totaled 898 thousand units in 2Q12, 10% more than in the previous quarter, and 1.72 million units in the first half, 1.2% down year-on-year. Exports fell by 9% in 2Q12 over 1Q12, to 111 thousand units, leading to a reduction of 12.2% in 1H12 over 1H11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Given prospects of reduced GDP growth in 2012, FENABRAVE (the Vehicle Distributors&#8217; Association) has revised its auto market estimates and now expects annual sales of around 3.6 million units, including cars, light commercial vehicles, trucks and buses, a slight 0.5% reduction over 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">ANFAVEA, on the other hand, is maintaining its annual vehicle licensing growth estimate at between 4% and 5%, based on increased sales in June, influenced by the IPI tax reduction.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to ABRAMAT (the Construction Material Manufacturers&#8217; Association), domestic sales of construction materials increased by 2.6% year-on-year in the first half of the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2 face="Trebuchet MS"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The annual real construction material revenue growth forecast was revised downwards in June, from 4.5% to 3.4%, while sales of materials such as cement and rebars are expected to grow by 3.0%, less than the previous 4.0% estimate, due to weaker retail sales and the construction segment slowdown in 1Q12. Retail sales were impacted by the postponement of purchases by final consumers in the expectation of lower interest rates. &nbsp;Despite the reduced forecasts, however, revenue should still exceed the R$112 billion recorded in 2011.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The federal government has extended the reduction in IPI (federal VAT) on white goods (refrigerators, washing machines and stoves) announced in December until the end of August, in order to encourage the national industry. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to Eletros (the Home Appliance and Consumer Electronics Manufacturers&#8217; Association), appliance sales recorded a year-on-year upturn in 1H12, with</FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> </FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">refrigerator, washing machine and stove sales climbing by 12%, 10% and 13%, respectively.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Also according to Eletros, the sector should post annual growth of between 10% and 15%.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to INDA (the Brazilian Steel Distributors&#8217; Association), domestic flat steel sales by distributors totaled approximately 2.2 million tonnes in 1H12, 2.8% more than in 1H11, while purchases by the associated network totaled 2.13 million tonnes, 1.1% more than in 1H11. As a result, inventories at the end of 1H12 were 19.7% lower than in 1H11, while inventory turnover was 2.8 months of sales, within normal historical parameters.</FONT></P>

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN sold 1.4 million tonnes of steel products in 2Q12, 7% more than in 1Q12. &nbsp;Of this total, 74% was sold in the domestic market, 23% by overseas subsidiaries and 3% went to direct exports.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Domestic sales totaled 1.0 million tonnes, in line with the 1Q12 figure. </FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Foreign steel product sales totaled 372 thousand tonnes in 2Q12, 30% up on the previous quarter. Of this total, the Company&#8217;s overseas subsidiaries sold 327 thousand tonnes, with SWT alone accounting for 210 thousand tonnes. On the other hand, direct exports totaled 45 thousand tonnes.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue per tonne averaged R$1,814 in 2Q12, stable when compared to the R$1,806 recorded in 1Q12. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue from steel operations totaled R$2,652 million in the second quarter, an 11% improvement over 1Q12, chiefly due to SWT, whose results were fully consolidated in 2Q12, pushing up sales volume.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">Steel segment COGS was R$2,234 million in 2Q12, 11% up on the 1Q12 figure, mainly because of the upturn in sales volume.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> &nbsp;</FONT></P>

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

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

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

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">Adjusted steel segment EBITDA totaled R$471 million in 2Q12, 1% up on the R$466 million recorded in 1Q12, basically due to the effects described above, accompanied by an adjusted EBITDA margin of 18%.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt" align=left><B><U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Production </FONT></U></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Presidente Vargas Steelworks (UPV) produced 1.2 million tonnes of crude steel in 2Q12, the same volume produced in 1Q12, while rolled flat steel production totaled 1.2 million tonnes, up by 4%.</FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=middle rowSpan=2 width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=middle rowSpan=2 width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2Q12 x 2Q11</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2Q12 x 1Q12</FONT></STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Crude Steel</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,243</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,200</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,213</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-2%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="40%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Total Rolled Products</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,212</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,114</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,164</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-4%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4%</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q12, the Presidente Vargas Steelworks&#8217; total production costs came to R$1,559 million, 2% less than the R$1,597 million reported in 1Q12, due to:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Raw Materials:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> reduction of R$60 million, primarily related to the following inputs:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">- Coal:</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> decline of R$55 million due to lower acquisition costs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">- Other raw materials: </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">reduction of R$5 million.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Labor:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> increase of R$7 million.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Other production costs:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">upturn of R$11 million.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Depreciation:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> increase of R$4 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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

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

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

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Global industrial production increased at a reduced pace throughout 2Q12, with emphasis on Chinese GDP growth slowdown which reached 7.6%. Global steel output began to decline as of March, but remained at high levels.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">First-half Chinese iron ore imports increased by 10% over 1H11 to 367 million tonnes, since high-cost Chinese producers were keeping output low.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">As a result, iron ore prices and the product quality premium have been declining gradually. The 62% CFR China iron ore price has fallen by 22% since March, closing July at US$117.50/dmt. The 1% Fe quality premium ended the same month at US$2.60/t, down from high levels of US$5.50/6.00/t in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Current prices should be tested as minimum levels, given that they make most Chinese production impractical.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Chinese authorities have been introducing various measures to stimulate the economy, especially in regard to credit, and the first positive results are becoming apparent in the infrastructure and low-cost housing sectors.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Iron ore sales</FONT></U></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q12, sales of finished iron ore products totaled 6.1 million tonnes<SUP>1</SUP>, 9% less than in 1Q12. Of total sales, exports accounted for 5.9 million tonnes, with 3.8 million tonnes sold by Namisa . The Company&#8217;s own consumption totaled 1.5 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Considering CSN&#8217;s 60% interest in Namisa, sales reached 4.5 million tonnes in 2Q12, 13% down on 1Q12.</FONT></P>

<P style="TEXT-ALIGN: justify"><SUP><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif">1 </FONT></I></SUP><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif">Sales volumes include 100% of the stake in NAMISA.</FONT></I></P>

<P style="TEXT-ALIGN: justify"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net Revenue</FONT></U></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue from mining operations totaled R$1,143 million in 2Q12, 4% less than in 1Q12, due to the reduction in sales volume. </FONT></P>

<P style="TEXT-ALIGN: justify"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Cost of goods sold (COGS)</FONT></U></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Mining COGS came to R$535 million in 2Q12, 7% down on 1Q12, also chiefly due to the reduction in sales volume. </FONT></P>

<P style="TEXT-ALIGN: justify"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA</FONT></U></B></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q12, adjusted EBITDA from mining operations totaled R$607 million, 3% more than in 1Q12, accompanied by an adjusted EBITDA margin of 53%, up by 4 p.p. on 1Q12.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.1in 2.85pt 3pt 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="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0pt 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Logistics</FONT></B><FONT style="COLOR: #ffffff"></FONT><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">&nbsp;&nbsp;</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></U></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario</FONT></U></B></P>

<P style="TEXT-ALIGN: justify"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Railway logistics </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Cargo transport by rail continues to consolidate itself in Brazil, having grown by around 88% in the last 15 years, according to the ANTF (National Rail Transport Association), from 253 million tonnes in 1997 to 475 million tonnes in 2011. Iron ore and coal had the best performances, with period growth of 88% each, followed by general cargo, which increased by 76%. Container transported by rail totaled 287 TEUs<SUP>1</SUP> in 2011, 24% up on the previous year, with further growth of 15% expected in 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The rail concessionaires invested R$4.6 billion in 2011, 56% more than in 2010.</FONT></P>

<P><SUP><FONT style="FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></SUP><FONT style="FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif">TEU (Twenty&#8208;Foot Equivalent Unit) &#8211; transportation unit equivalent to a standard 20-feet intermodal container</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0in"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Port Logistics</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to ANTAQ (National Waterway Transport Agency), Brazil&#8217;s port installations (considering organized ports and private terminals) handled around 205 million gross tonnes in the first quarter of 2012, 2.2% up year-on-year, with organized ports accounting for 34% of the total handled. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Bulk solids handling totaled 116 million tonnes in 1Q12, 2.6% down on 1Q11, while bulk liquids totaled 55 million tonnes, up by 8.5%. Container handling amounted to 1.9 million TEUs, 8.0% more than in the same period last year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 9.6pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">The private terminals are expected to increase their handling leadership in Brazil&#8217;s port sector, given that they will be responsible for R$21 billion of total sector investments of R$30 billion scheduled for the coming years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">The Brazilian ports are expected to be handling 2.2 billion tonnes of cargo per year by 2030.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">MRS and Transnordestina&#8217;s individual second-quarter results had not yet been announced up to the publication of this release. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q12, net revenue from railway logistics totaled R$263 million, COGS stood at R$183 million and adjusted EBITDA amounted to R$88 million, accompanied by an EBITDA margin of 34%.</FONT></P>

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

<P style="MARGIN: 6pt 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Port logistics</FONT></U></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q12, net revenue from port logistics amounted to R$35 million, COGS totaled R$20 million and adjusted EBITDA stood at R$12 million, with an adjusted </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">EBITDA&nbsp;</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"> margin of 33%.</FONT></P>

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Preliminary figures from SNIC (the Cement Industry Association) indicate domestic cement sales of </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">33 million tonnes in the first half of 2012, 9.3% more than in the same period last year. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">LTM sales through June totaled </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">66.7 million tonnes, 8.4% up on the previous 12-month period. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">Even though Brazilian economic growth has slowed, the outlook for the construction sector remains positive. The FGV is forecasting a 5.0% upturn in 2012, versus 3.6% in 2011, mainly due to the reduction in interest rates and the extension of mortgage payment periods to 35 years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Cement sales totaled 465 thousand tonnes in 2Q12, net revenue reached R$94 million, COGS amounted to R$79 million and adjusted EBITDA was R$6 million, with an adjusted EBITDA margin of 6%.</FONT></P>

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

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Brazilian electricity consumption increased by 4.2% year-on-year in the first half of 2012, led by the commercial and residential segments which recorded respective growth of 7.4% and 5.0%.&nbsp;The slowdown in industrial activity resulted in industrial energy consumption moving up by a modest 1.4% in the semester, while in the second quarter consumption only edged up 0.4% over 1Q12. &nbsp;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Given the current economic scenario and the high level of hydro plant reservoirs, an energy surplus is expected in the coming months, which could reduce contract renewal prices and result in the postponement of new generation projects.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q12, net revenue from the energy segment amounted to R$57 million, COGS totaled R$33 million and adjusted EBITDA reached R$23 million, with an adjusted EBITDA margin of 40%.</FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 1H12, CSN&#8217;s shares presented a devaluation of 20%, versus the 4% downturn recorded by the IBOVESPA in the same period. On the NYSE, CSN&#8217;s ADRs fell by 27%, versus the Dow Jones&#8217; 5% appreciation in the semester.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Daily traded volume of CSN&#8217;s shares on the BM&amp;FBovespa averaged R$62.6 million in 1H12. On the NYSE, daily traded volume of CSN&#8217;s ADRs averaged US$46.2 million.</FONT></P>

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   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#000080 width="100%" colSpan=4 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Capital Markets - CSNA3 / SID / IBOVESPA / DOW JONES</FONT></B></TD></TR>

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   <TD bgColor=#000080 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD bgColor=#000080 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1H12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">N# of shares</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,457,970,108</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,457,970,108</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,457,970,108</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Market Capitalization</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Closing price (R$/share)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">17.22</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">11.38</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">11.38</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Closing price (US$/share)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">9.46</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5.67</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5.67</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Market Capitalization (R$ million)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">25,106</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">16,592</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">16,592</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Market Capitalization (US$ million)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">13,792</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">8,267</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">8,267</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Total return including dividends and interest on equity</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">CSNA3 (%)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">15%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-31%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-20%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">SID (%)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">16%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-37%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-27%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Ibovespa</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">14%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-16%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-4%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Dow Jones</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">8%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-3%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Volume</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Average daily (thousand shares)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,958</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,914</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,936</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Average daily (R$ Thousand)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">70,391</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">54,893</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">62,642</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Average daily (thousand ADRs)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5,486</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5,078</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5,280</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Average daily (US$ Thousand)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">55,710</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">36,782</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">46,170</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD width="55%" align=left><I><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Source: Econom&#225;tica</FONT></I><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Wednesday, August 15, 2012 </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">11:00 a.m. &#8211; US EST</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">12:00 p.m. &#8211; Bras&#237;lia time</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Phone: +1 (412) 317-6776 </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Conference ID: CSN</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 3pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Webcast: </FONT></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">www.csn.com.br/ir&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Wednesday, August 15, 2012 </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">9:00 a.m. &#8211; US EST</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">10:00 a.m. &#8211; Bras&#237;lia time</FONT></P>

   <P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Phone:&nbsp;</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> +55 (11) 2188-0155</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Conference ID: CSN<BR></FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Webcast: </FONT></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">www.csn.com.br/ri&nbsp;</FONT></P></TD></TR></TABLE></DIV>

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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #d9d9d9; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2pt">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 2pt 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: #d9d9d9; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">CSN is a highly integrated company, with steel, mining, cement, logistics and energy businesses. The Company operates throughout the entire steel production chain, from the mining of iron ore to the production and sale of a diversified range of high value-added steel products, including coated and galvanized, as well as tin plate. Thanks to its integrated production system and exemplary management, CSN&#8217;s production costs are among the lowest in the global steel sector. CSN recorded consolidated net revenue of R$16.5 billion in 2011. </FONT></P></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">CSN&#8217;s adjusted EBITDA represents net income (loss) before the financial result, income and social contribution taxes, depreciation and amortization, and other revenues and expenses, which are excluded due to their predominantly non-recurring nature. CSN&#8217;s management considers adjusted EBITDA to be a practical means of measuring operating performance and permitting comparisons with other companies.</FONT></P></TD></TR></TABLE></FONT>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2pt 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">Net debt as presented is used by CSN to measure the Company&#8217;s financial performance. However, net debt is not recognized as a measurement of financial performance according to the accounting practices adopted in Brazil, nor should it be considered in isolation, or as an alternative to net income or the financial result as an indicator of liquidity. </FONT></P></TD></TR></TABLE>

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   <P style="MARGIN-LEFT: 2pt; MARGIN-RIGHT: 2pt"><STRONG><FONT style="FONT-SIZE: 8pt" face="Trebuchet MS">Certain of the statements contained herein are forward-looking statements, which express or imply results, performance or events that are expected in the future. These include future results that may be implied by historical results and the statements under &#8216;Outlook&#8217;. Actual results, performance or events may differ materially from those expressed or implied by the forward-looking statements as a result of several factors, such as the general and economic conditions in Brazil and other countries, interest rate and exchange rate levels, protectionist measures in the U.S., Brazil and other countries, changes in laws and regulations and general competitive factors (on a global, regional or national basis).</FONT></STRONG></P></TD></TR></TABLE>

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   <TD width="100%" colSpan=4 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">INCOME STATEMENT</FONT></B></TD></TR>

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   <TD width="100%" colSpan=4 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">CONSOLIDATED &#8211; Corporate Law (In thousand of R$)</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Revenues</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,323,192</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,895,739</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,136,827</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Domestic Market</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,684,080</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,381,595</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,496,615</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Foreign Market</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,639,112</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,514,144</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,640,212</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cost of Goods Sold (COGS)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,487,472)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,752,606)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,981,047)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">COGS, excluding depreciation</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,255,382)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,476,232)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,699,129)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation allocated to COGS</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(232,090)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(276,374)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(281,918)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Gross Profit</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,835,720</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,143,133</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,155,780</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Gross Margin (%)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">42%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">29%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">28%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Selling Expenses</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(143,983)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(179,005)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(176,472)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">General and Administrative Expenses</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(150,914)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(127,005)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(141,125)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation allocated to SG&amp;A</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(9,539)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(8,797)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(8,943)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Other operating income (expense), net</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">604,647</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(112,077)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,282,700)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Operational Income before financial results</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,135,931</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">716,249</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,453,460)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Financial Results</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(649,664)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(628,161)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(317,938)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Income before social contribution and income taxes</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,486,267</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">88,088</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,771,398)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Income Tax e Social Contribution</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(349,105)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,547</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">722,957</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Income</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,137,162</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">92,635</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,048,441)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Attributed to Controlling Shareholders</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,138,484</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">110,694</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,032,360)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Attributed to Non-Controlling Shareholders</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,322)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(18,059)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(16,081)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Adjusted EBITDA</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,772,913</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,113,497</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,120,101</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Adjusted EBITDA Margin (%)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">41%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">29%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">27%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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   <TD width="100%" colSpan=4 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">INCOME STATEMENT</FONT></B></TD></TR>

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   <TD width="100%" colSpan=4 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">PARENT COMPANY &#8211; Corporate Law (In thousand of R$)</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Revenues</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,820,438</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,409,456</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,556,448</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Domestic Market</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,460,726</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,187,887</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,255,827</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Foreign Market</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">359,712</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">221,569</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">300,621</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cost of Goods Sold (COGS)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,862,257)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,887,154)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,944,371)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">COGS, excluding depreciation</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,670,491)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,672,047)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,722,998)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation allocated to COGS</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(191,766)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(215,107)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(221,373)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Gross Profit</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">958,181</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">522,302</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">612,077</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Gross Margin (%)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">34%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">22%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">24%</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Selling Expenses</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(95,678)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(66,685)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(77,533)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">General and Administrative Expenses</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(110,061)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(75,374)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(88,228)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation allocated to SG&amp;A</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(3,165)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(3,496)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(3,514)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Other operating income (expense), net</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">44,881</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(67,671)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,434,635)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Equity interest in subsidary</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,128,050</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">187,566</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">319,555</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Operational Income before financial results</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,922,208</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">496,642</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(672,278)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Financial Results</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(532,475)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(501,229)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,174,465)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Income before social contribution and income taxes</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,389,733</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(4,587)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,846,743)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Income Tax and Social Contribution</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(251,249)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">115,281</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">814,383</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Income</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,138,484</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">110,694</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,032,360)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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   <TD width="100%" colSpan=5 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">Corporate Law &#8211; In Thousand of R$</FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#333399 width="40%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#333399 width="40%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>03/31/2012</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Current Assets</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">20,365,286</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">20,854,785</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">7,665,896</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">8,084,172</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cash and Cash Equivalents</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">13,690,478</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">14,144,014</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,566,569</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,102,902</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Trade Accounts Receivable</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,656,540</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,786,777</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,089,788</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,857,155</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Other Trade Accounts Receivable</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">220,560</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">230,682</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">747,229</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">721,126</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Inventory</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,693,270</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,648,280</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,835,952</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,818,046</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Recoverable Taxes</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">693,954</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">385,748</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Intercompany Loans</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,654</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,826</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,452</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">168,432</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Others</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,102,784</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">349,252</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">421,906</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">30,763</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Non-Current Assets</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">27,089,987</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">27,091,260</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">37,737,400</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">37,927,837</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Long-Term Assets</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5,445,771</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,720,380</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,981,439</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,962,050</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Investments</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,218,532</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,507,176</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">21,684,420</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">23,102,339</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">PP&amp;E</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">19,611,088</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">19,058,400</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">11,051,623</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">10,843,040</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Intangible</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">814,596</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">805,304</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">19,918</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">20,408</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">TOTAL ASSETS</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">47,455,273</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">47,946,045</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">45,403,296</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">46,012,009</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Current Liabilities</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5,674,534</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">6,748,664</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">6,256,949</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">7,370,255</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Suppliers</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,517,224</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,334,602</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">761,812</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,008,907</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Taxes and Contributions</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">225,363</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">357,125</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">34,341</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">154,458</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Loans and Financing</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,431,577</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,626,012</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,552,926</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,853,733</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Dividends Payable</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">237,381</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,044,583</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">239,655</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,046,057</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Others</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,262,989</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,386,342</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,668,215</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,307,100</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Non-Current Liabilities</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">33,910,367</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">32,575,577</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">31,692,822</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">30,433,242</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Loans, Financing and Debentures</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">26,863,528</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">25,783,562</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">20,127,840</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">19,222,105</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Provisions for contingencies, net judicial deposits</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,294,521</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,145,373</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,992,122</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,515,442</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Deferred Income Tax and Social Contribution</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">162,434</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">158,870</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Accounts Payable with Subsidiaries</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,084,095</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,094,012</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">7,818,669</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Others</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,505,789</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,393,760</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">9,572,860</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,877,026</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Shareholders' Equity</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">7,870,372</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">8,621,804</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">7,453,525</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">8,208,512</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Capital</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,540,000</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,680,947</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,540,000</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,680,947</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Capital Reserve</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">30</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">30</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">30</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">30</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Earnings Reserve</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,539,075</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">7,671,620</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,539,075</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">7,671,620</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Retained Earnings</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,159,644)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(7,496)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,159,644)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(7,496)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Other Comprehensive Income</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(465,936)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,136,589)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(465,936)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,136,589)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left>

   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Non-Controlling Shareholders Interest</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">416,847</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">413,292</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">TOTAL LIABILITIES AND SHAREHOLERS' EQUITY</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">47,455,273</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">47,946,045</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">45,403,296</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">46,012,009</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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   <TD width="100%" colSpan=4 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">CASH FLOW</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">CONSOLIDATED &#8211; Corporate Law &#8211; (In Thousand of R$)</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=4></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cash Flow from Operating Activities</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,083,590</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">346,656</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">306,858</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net income for the period</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,137,162</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">92,635</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,048,441)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Foreign exchange and monetary variations, net</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(262,993)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">29,253</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(224,354)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Provision for financial expenses</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">663,871</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">595,052</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">581,366</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation, exhaustion and amortization</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">245,906</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">288,389</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">294,042</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Results from sale of securities</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(698,164)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Write-off of permanent assets</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">794</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,606</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#bfbfbf width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Impairment of available for sale securities</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,022,793</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Provisions for swap</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">91,251</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Result from derivative financial instruments</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">27,087</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(42,817)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Deferred income taxes and social contribution</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">347,871</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(55,096)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(781,445)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Provisions</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">37,116</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">70,731</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">185,874</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Working Capital</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(478,430)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(702,189)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(682,766)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Accounts Receivable</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">25,562</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(126,679)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">83,827</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Inventory</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(286,397)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">167,058</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(67,607)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Receivables from joint subsidiaries</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">473,977</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(38,856)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(33,240)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Suppliers</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">82,255</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(25,359)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">159,063</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Taxes</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(71,785)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">18,395</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(229,790)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Interest Expenses</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(607,009)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(657,918)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(584,173)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Judicial Deposits</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,846</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(3,283)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(21,502)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 10pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Others</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(98,879)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(35,547)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">10,656</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cash Flow from Invesment Activities</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(30,786)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,352,860)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(605,827)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Derivatives</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">25,759</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(121,707)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">148,877</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Acquisition of Controlled Companies</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(300,545)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Investments</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(489,737)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(60,206)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(80,876)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Fixed Assets/Deferred/Intangible</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(876,979)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(885,282)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(673,828)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cash from acquisitions of controlled companies</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,310,171</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">14,880</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cash Flow from Financing Activities</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(163,323)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(36,229)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,363,180)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Issuances</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,848,501</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,655,728</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">186,968</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Amortizations</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(281,291)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(885,006)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(406,688)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Principal payment - acquisition of controlled companies</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(806,937)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Dividends / Interest on equity</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,856,327)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(14)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,199,654)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Payment of Capital - Non-Controlling Shareholders</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">125,794</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">56,194</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Foreign Exchange Variation on Cash and Cash Equivalents</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(319,534)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(230,946)</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,208,613</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Free Cash Flow</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">569,947</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,273,379)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(453,536)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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   <TD style="TEXT-INDENT: 6px" width="100%" colSpan=4 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">SALES VOLUME AND NET REVENUE PER UNIT (STEEL)</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD width="55%" align=left><U><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">CONSOLIDATED</FONT></B></U></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

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   <TD width="100%" colSpan=4 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">SALES VOLUME (thousand tonnes)</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>DOMESTIC MARKET</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,119</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,035</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,040</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">528</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">492</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">483</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">220</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">193</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">186</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">257</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">250</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">260</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">110</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">100</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">111</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left>

   <P style="MARGIN-LEFT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>FOREIGN MARKET</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>180</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>287</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>372</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">8</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">12</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">11</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">14</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">116</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">110</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">103</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">49</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">23</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">40</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Steel Profiles</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">135</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">210</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left>

   <P style="MARGIN-LEFT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>TOTAL MARKET</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,300</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,322</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,412</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">531</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">500</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">488</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">232</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">204</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">200</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">373</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">360</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">363</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">159</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">123</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">151</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Steel Profiles</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">135</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">210</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" colSpan=2 align=left><U><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">PARENT COMPANY</FONT></B></U></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">SALES VOLUME (thousand tonnes)</FONT></B></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>DOMESTIC MARKET</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,159</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,057</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,048</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">549</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">505</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">491</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">226</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">197</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">186</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">264</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">256</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">264</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">116</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">99</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">107</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left>

   <P style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>FOREIGN MARKET</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>65</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>27</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>46</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">7</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">7</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">49</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">23</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">40</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left>

   <P style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>TOTAL MARKET</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,225</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,084</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,094</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">556</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">505</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">492</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">228</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">197</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">186</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">272</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">260</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">269</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 2px; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left>

   <P style="MARGIN-LEFT: 5pt; MARGIN-RIGHT: 0pt"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">165</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">122</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">147</FONT><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">CONSOLIDATED NET REVENUE PER UNIT (R$/ton)</FONT></B></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q11</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q12</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d8d8d8 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">TOTAL MARKET</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,898</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,806</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,814</FONT></B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

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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;August 15, 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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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

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   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

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   <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>

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   <DIV align=left>&nbsp;</DIV></TD></TR>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

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   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;David Moise Salama </FONT></DIV>

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   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

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   <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>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
