<SEC-DOCUMENT>0001292814-12-002196.txt : 20120829
<SEC-HEADER>0001292814-12-002196.hdr.sgml : 20120829
<ACCEPTANCE-DATETIME>20120829091715
ACCESSION NUMBER:		0001292814-12-002196
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20120630
FILED AS OF DATE:		20120829
DATE AS OF CHANGE:		20120829

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:		121061625

	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>siditr2q12_6k.htm
<DESCRIPTION>ITR 2Q12
<TEXT>

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   <TITLE>siditr2q12_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>

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

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

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

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

<DIV align=center></DIV>

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

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

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

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

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

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

<P></P>

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

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif></FONT></B>&nbsp;</H1>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif>Table of Contents</FONT></B></H1>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; BORDER-TOP: #bfbfbf 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="88%">

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

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; BORDER-TOP: #bfbfbf 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Capital Breakdown</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Cash Dividends</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>2</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Parent Company Financial Statements </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

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

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Balance Sheet &#8211; Assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

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

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Balance Sheet &#8211; Liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>4</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Statement of Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>5</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Statement of Comprehensive Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

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

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Statement of Cash Flows</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>7</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Statement of Changes in Shareholders&#8217; Equity</FONT></B></P></TD>

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

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   <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1/1/2012 to 06/30/2012</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>8</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1/1/2011 to 06/30/2011</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>9</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Statement of Value Added</FONT></P></TD>

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

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Consolidated Financial Statements</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

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

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Balance Sheet - Assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>11</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Balance Sheet - Liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>12</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Statement of Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>13</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Statement of Comprehensive Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>14</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Statement of Cash Flows</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>15</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Statement of Changes in Shareholders&#8217; Equity</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

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

<TR style="HEIGHT: 17pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1/1/2012 to 06/30/2012</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>16</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 28.35pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1/1/2011 to 06/30/2011</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>17</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Statement of Value Added</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>18</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Comments on the Company&#8217;s Consolidated Performance</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>19</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Notes to the Financial Statements</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>38</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Reports and Statements</FONT></B></P></TD>

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   <P style="MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Unqualified Independent Auditors&#8217; Review Report </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1<FONT style="FONT-SIZE: 10pt" face=Arial>23</FONT></FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
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     <TD vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt"><B><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT></B></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Company Information / Capital Breakdown</FONT></B></P>
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<P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Number of Shares</FONT></B></P>
<P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>(Units)</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Current Quarter</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>06/30/2012</FONT></B></P>
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<P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Paid-in Capital</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Common</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1,457,970,108</FONT></P>
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<P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Preferred</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>0</FONT></P>
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<P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Total</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>1,457,970,108</FONT></P>
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<P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Treasury Shares</FONT></B></P>
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<P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Common</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>0</FONT></P>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 33pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 33pt; PADDING-TOP: 0in" width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Event</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 33pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Approval</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 33pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Dividends</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 33pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Inition Payment</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 33pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Type of share</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 33pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Class of share</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 33pt; PADDING-TOP: 0in" width="21%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Dividends per common share<BR>
(R$/ share)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0in" width="19%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0in" width="12%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0in" width="12%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0in" width="12%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0in" width="12%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0in" width="21%">&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Annual General Meeting</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>04/27/2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>05/31/2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Ordinary</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>0.82306 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="21%">&nbsp;</TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
</TD>
     <TD vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT></B></B>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
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     <TD width="45%"></TD>
     <TD width="23%"></TD>
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<TR vAlign=bottom>
     <TD rowSpan=2 colSpan=4 align=left><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company Statements / Balance Sheet - Assets</FONT></B><BR>
<B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B></TD></TR>
<TR vAlign=bottom></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=left>&nbsp;<STRONG><FONT size=2 face=Arial>Code</FONT></STRONG> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=left>&nbsp;<STRONG><FONT size=2 face=Arial>Description</FONT></STRONG> </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=right><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Current Quarter</STRONG><FONT size=3 face="Times New Roman"> <BR>
</FONT><STRONG>6/30/2012</STRONG></FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=right><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>YTD Previous Year</STRONG><FONT size=3 face="Times New Roman"> <BR>
</FONT><STRONG>12/31/2011</STRONG></FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Total assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>45,403,296</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>45,582,817</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.01</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Current assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>7,665,896</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>8,886,953</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.01.01</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2,566,569</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2,073,244</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.01.03</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,841,469</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>3,516,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.01.04</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2,835,952</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2,885,617</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.01.08</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Other current assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>421,906</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>411,292</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.02</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Non-current Assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>37,737,400</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>36,695,864</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.02.01</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Long-term receivables</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>4,981,439</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>3,852,937</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.02.01.03</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Trade receivables</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>10,282</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>10,202</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.02.01.06</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Deferred taxes</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2,050,765</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,300,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.02.01.08</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Receivables from related parties</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>521,049</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>125,843</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.02.01.09</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Other non- current assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2,399,343</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2,416,242</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.02.02</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>21,684,420</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>22,573,890</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.02.03</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>11,051,623</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>10,247,845</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1.02.04</FONT>&nbsp;</TD>
     <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Intangible assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>19,918</FONT>&nbsp;</TD>
     <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>21,192</FONT>&nbsp;</TD></TR></TABLE></DIV>
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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD rowSpan=2 colSpan=4 align=left><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company Statements / Balance Sheet - Liabilities</FONT></B><BR><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=left>&nbsp;<STRONG><FONT size=2 face=Arial>Code</FONT></STRONG> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=left>&nbsp;<STRONG><FONT size=2 face=Arial>Description</FONT></STRONG> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=right><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Current Quarter</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>6/30/2012</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle align=right><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>YTD Previous Year</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>12/31/2011</STRONG></FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Total liabilities</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>45,403,296</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>45,582,817</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.01</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Current liabilities</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6,256,949</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>7,351,509</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.01.01</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Payroll and related taxes</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>137,378</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>123,839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.01.02</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>761,812</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>678,504</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.01.03</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Taxes payable</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>34,341</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>122,648</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.01.04</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Borrowings and financing</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>3,552,926</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>4,330,141</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.01.05</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,533,961</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,862,247</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.01.06</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>236,531</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>234,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.01.06.01</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Provisions for tax, social security, labor and civil risks</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>228,730</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>225,997</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.01.06.02</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>7,801</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>8,133</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.01.06.02.03</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Provisions for environmental liabilities and asset decommissioning</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>7,801</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>8,133</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Non-current liabilities</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>31,692,822</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>30,245,487</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02.01</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Borrowings and financing</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>20,127,840</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>19,091,277</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02.02</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>9,572,860</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>9,633,194</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02.04</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,992,122</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,521,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02.04.01</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Provisions for tax, social security, labor and civil risks</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>385,147</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>262,432</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02.04.01.01</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Tax provisions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>335,667</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>216,046</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02.04.01.02</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Social security and labor provisions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>42,574</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>39,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02.04.01.04</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Civil provisions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02.04.02</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,606,975</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,258,584</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02.04.02.03</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Provisions for environmental liabilities and asset decommissioning</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>347,559</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>313,094</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02.04.02.04</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Pension and healthcare plan</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>469,027</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>469,027</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.02.04.02.05</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Provision for losses on investments</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>790,389</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>476,463</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.03</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Equity</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>7,453,525</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>7,985,821</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.03.01</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Issued capital</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>4,540,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.03.02</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Capital reserves</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.03.04</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Earnings reserves</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>4,539,075</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>7,671,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.03.04.01</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Legal reserve</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>336,190</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>336,190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.03.04.02</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Statutory reserve</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>3,426,337</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>5,717,390</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.03.04.08</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Additional dividends proposed</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>273,492</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.03.04.10</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Investment reserve</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>776,548</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,344,548</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.03.05</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Retained earnings/accumulated losses</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(1,159,644)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2.03.08</FONT>&nbsp;</TD>

   <TD align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Other comprehensive income</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(465,936)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(1,366,776)</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>

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   <TD rowSpan=2 width="98%" colSpan=6 align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Parent Company Statements / Statement of Income</FONT></B><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 8pt"><BR></FONT></FONT><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(R$ thousand)</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;<STRONG>Code</STRONG> </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;<STRONG>Description</STRONG> </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Current Quarter<BR>4/1/2012 to 6/30/2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;<STRONG>Accumulated in the</STRONG> <BR><STRONG>Current Year<BR></STRONG><STRONG>1/1/2012 to 6/30/2012</STRONG> </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;<STRONG>Current Quarter of</STRONG> <BR><STRONG>Previous Year<BR></STRONG><STRONG>4/1/2011 to 6/30/2011</STRONG> </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp; <STRONG>Accumulated in the</STRONG> <BR><STRONG>Previous Year<BR></STRONG><STRONG>1/1/2011 to 6/30/2011</STRONG> </FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Net revenue from sales and/or services</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,556,448</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4,965,904</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,820,438</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">5,390,603</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Cost of sales and/or services</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,944,371)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(3,831,525)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,862,257)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(3,588,938)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.03</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Gross profit</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">612,077</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,134,379</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">958,181</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,801,665</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.04</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Operating expenses/income</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,284,355)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,310,015)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">964,027</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,167,040</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.04.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Selling expenses</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(79,093)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(147,297)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(97,030)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(178,132)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.04.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">General and administrative expenses</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(90,182)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(167,533)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(111,874)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(185,747)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.04.04</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other operating income</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">43,245</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">71,174</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">126,571</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">131,380</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.04.05</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other operating expenses</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,477,880)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,573,480)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(81,690)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(225,273)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.04.06</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Share of profits of investees</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">319,555</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">507,121</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,128,050</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,624,812</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.05</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Profit before finance income (costs) and taxes</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(672,278)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(175,636)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,922,208</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">2,968,705</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.06</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Finance income (costs)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,174,465)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,675,694)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(532,475)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,003,404)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.06.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Finance income</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">76,409</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">123,196</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">49,570</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">110,996</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.06.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Finance costs</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,250,874)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,798,890)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(582,045)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,114,400)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.06.02.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Net exchange gains (losses) on financial instruments</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(532,715)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(356,069)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">302,830</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">462,462</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" noWrap align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.06.02.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Finance costs</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(718,159)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,442,821)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(884,875)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,576,862)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.07</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Profit before taxes on income</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,846,743)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,851,330)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,389,733</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,965,301</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.08</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Income tax and social contribution</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">814,383</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">929,664</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(251,249)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(209,298)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.09</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Profit (loss) from continuing operations</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,032,360)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(921,666)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,138,484</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,756,003</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.11</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Profit/loss for the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,032,360)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(921,666)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,138,484</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,756,003</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Earnings per share - (R$/share)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.99.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Basic earnings per share</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.99.01.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Common shares</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(0.70808)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(0.63216)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.78087</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1.20442</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.99.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Diluted earnings per share</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.99.02.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Common shares</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(0.70808)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(0.63216)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0.78087</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1.20442</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>

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<TR>

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

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   <TD rowSpan=2 width="98%" colSpan=6 align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Parent Company Statements / Statement of Comprehensive Income</FONT></B><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: arial"></FONT><BR><B><FONT style="FONT-FAMILY: arial">(R$ thousand)</FONT></B><FONT style="FONT-FAMILY: arial"></FONT> </FONT><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: Arial" size=2></FONT><FONT style="FONT-FAMILY: Arial" size=2></FONT><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD></TR>

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<TR>

   <TD width="98%" colSpan=6><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" size=2>&nbsp;<STRONG>Code</STRONG><FONT style="FONT-FAMILY: arial"> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt" size=2>&nbsp;<STRONG>Description</STRONG><FONT style="FONT-FAMILY: arial"> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;<FONT style="FONT-FAMILY: arial"></FONT><STRONG><FONT style="FONT-FAMILY: arial">Current Quarter <BR></FONT>4/1/2012 to 6/30/2012</STRONG></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;<FONT style="FONT-FAMILY: arial"></FONT><STRONG><FONT style="FONT-FAMILY: arial">Accumulated in the Current Year <BR></FONT>1/1/2012 to 6/30/2012</STRONG></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;<FONT style="FONT-FAMILY: arial"></FONT><STRONG><FONT style="FONT-FAMILY: arial">Current Quarter of Previous Year <BR></FONT>4/1/2011 to 6/30/2011</STRONG></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;<FONT style="FONT-FAMILY: arial"></FONT><STRONG><FONT style="FONT-FAMILY: arial">Accumulated in the Previous Year <BR></FONT>1/1/2011 to 6/30/2011</STRONG></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="98%" colSpan=6><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4.01</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Profit for the period</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,032,360)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(921,666)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,138,484</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,756,003</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4.02</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Other comprehensive income</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">670,653</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">900,840</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,000,888)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(880,224)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4.02.01</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Exchange differences arising on translating foreign operations</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">163,423</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">133,401</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(47,081)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(57,933)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4.02.03</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Net change in the fair value on available-for-sale financial assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">507,230</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">767,439</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(255,643)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(124,127)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4.02.04</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Sale of available-for-sale assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">0</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(698,164)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(698,164)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4.03</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Comprehensive income for the period</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(361,707)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(20,826)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">137,596</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">875,779</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></DIV>

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

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   <TD rowSpan=2 width="100%" colSpan=4 align=left><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company Statements / Statement of Cash Flows - Indirect Method</FONT></B><BR><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=4>&nbsp;</TD></TR>

<TR>

   <TD vAlign=middle width="100%" colSpan=4>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=left>&nbsp;<STRONG><FONT size=2 face=Arial>Code</FONT></STRONG> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="55%" align=left>&nbsp;<STRONG><FONT size=2 face=Arial>Description</FONT></STRONG> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B><BR><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Current Year</FONT></B><BR><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1/1/2012 to 6/30/2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Accumulated in the</FONT></B><BR><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Previous Year</FONT></B><BR><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1/1/2011 to 6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Net cash generated by operating activities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,492,938</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,402,906</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Cash flows from operating activities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,207,145</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,286,748</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Profit for the period</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(921,666)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,756,003</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Accrued charges on borrowings and financing</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,269,671</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,240,027</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01.03</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation/ depletion / amortization</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>449,223</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>375,783</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01.04</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Loss on equity interests</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(507,121)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(1,624,812)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01.05</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Deferred income tax and social contribution</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(929,664)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>191,408</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01.06</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Allowance for losses on receivables</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(116,335)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01.07</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Provisions for tax, social security, labor and civil risks</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>166,427</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>45,976</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01.08</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Inflation adjustment and exchange differences, net</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>356,069</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(613,664)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01.09</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Gain on derivative transactions</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>5,907</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>10,871</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01.11</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Impairment of available-for-sale security</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,245,024</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.01.14</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>73,275</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>21,491</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Changes in assets and liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>285,793</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>116,158</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Trade receivables &#8211; third parties</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>141,721</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(73,524)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Intercompany receivables</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,303,157</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(311,048)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.03</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>16,198</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>94,965</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.04</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Receivables from jointly controlled entities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>145,121</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,223,957</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.05</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Taxes available for offset</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(15,728)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>321</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.06</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Judicial deposits</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(15,308)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(5,324)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.07</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Dividends received from subsidiaries</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>15,728</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>5,437</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.10</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>104,783</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(32,008)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.11</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Payroll and related taxes</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(51,467)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(88,889)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.12</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Taxes</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(72,856)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>137,955</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.13</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Taxes in installments - REFIS</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(192,775)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(110,404)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.14</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Trade payables - Subsidiaries</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>618</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(6,174)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.15</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Tax, social security, labor and civil risks liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(6,514)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>135,387</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.16</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Interest paid - third parties</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(1,077,697)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(721,300)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.17</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Interest on swap paid</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(6,764)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(10,949)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.01.02.18</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(2,424)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(122,244)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Net cash used in investing activities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>597,875</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(1,848,790)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.02.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Investments/advances for future capital increase</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(531,768)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(1,089,043)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.02.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(725,615)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(760,777)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.02.03</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Cash from acquisition of subsidiaries</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.02.04</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Capital reduction in subsidiary</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,855,258</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.03</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Net cash generated by (used in) financing activities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(1,597,488)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,640,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.03.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Borrowings and financing raised - third parties</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,065,128</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>3,805,272</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.03.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Borrowings and financing raised - intercompany</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>251,209</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.03.03</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Repayments of principal - third parties</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(1,218,247)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(401,885)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.03.04</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Repayments of principal - intercompany</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(244,701)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(158,239)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.03.05</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Dividends and interest on capital paid</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(1,199,668)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(1,856,327)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.04</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Changes in cash and cash equivalents</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(88)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.05</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Increase (decrease) in cash and securities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>493,325</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,194,058</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.05.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash equivalents at the beginning of the period</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2,073,244</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>108,297</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>6.05.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Helvetica>Cash and cash equivalents (except derivative assets) at the</FONT> <FONT size=2 face=Helvetica>end of the period</FONT> </TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>2,566,569</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>1,302,355</FONT>&nbsp;</TD></TR></TABLE>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD width="100%" colSpan=8 align=left><B><FONT style="FONT-FAMILY: Arial" size=1>Parent Company Statements / Statement of Changes in Shareholders&#180; Equity - 1/1/2012 to 6/30/2012</FONT></B><FONT style="FONT-FAMILY: Arial" size=1></FONT> <FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT></TD></TR>

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   <TD width="100%" colSpan=8 align=left><B><FONT style="FONT-FAMILY: Arial" size=1>(R$ thousand)</FONT></B><FONT style="FONT-FAMILY: Arial" size=1></FONT> <FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT></TD></TR>

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   <TD width="100%" colSpan=8><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="9%" align=left><B><FONT style="FONT-FAMILY: Arial" size=1>Code</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="37%" align=left><B><FONT style="FONT-FAMILY: Arial" size=1>Description</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Paid-in capital</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Capital reserve,</FONT></B><FONT style="FONT-FAMILY: Arial" size=1><BR><B>granted options</B><BR><B>and treasury<BR></B><B>shares</B>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Earnings reserve</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Retained</FONT></B><FONT style="FONT-FAMILY: Arial"><FONT size=1><BR><B>earnings/accumulated</B><BR></FONT></FONT><B><FONT style="FONT-FAMILY: Arial" size=1>losses</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Other</FONT></B><FONT style="FONT-FAMILY: Arial"><FONT size=1><BR><B>comprehensive</B><BR></FONT></FONT><B><FONT style="FONT-FAMILY: Arial" size=1>income</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Equity</FONT></B></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.01</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Opening balances</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>1,680,947</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>30</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,671,620</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(1,366,776)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,985,821</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.03</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Adjusted opening balances</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>1,680,947</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>30</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,671,620</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(1,366,776)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,985,821</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.04</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Capital transactions with owners</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>2,859,053</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(3,132,545)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(237,978)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(511,470)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.04.01</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Capital increases</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>2,859,053</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(2,859,053)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.04.07</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Interest on Capital</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(237,978)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(237,978)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.04.08</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Approval of prior year&#8217;s proposed dividends</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(273,492)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(273,492)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Total comprehensive income</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(921,666)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>900,840</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(20,826)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.01</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Profit for the period</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(921,666)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(921,666)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.02</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Other comprehensive income</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>900,840</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>900,840</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.02.04</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Translation adjustments for the period</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>133,401</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>133,401</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.02.09</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Net change in the fair value on available-for-sale financial assets</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>767,439</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>767,439</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.07</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Closing balances</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>4,540,000</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>30</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>4,539,075</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(1,159,644)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(465,936)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,453,525</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD rowSpan=3 width="100%" colSpan=8 align=left><B><FONT style="FONT-FAMILY: Arial" size=1>Parent Company Statements / Statement of Changes in Shareholders&#180; Equity - 1/1/2011 to 6/30/2011</FONT></B><FONT style="FONT-FAMILY: Arial"><FONT size=1><BR></FONT></FONT><B><FONT style="FONT-FAMILY: Arial" size=1>(R$ thousand)</FONT></B></TD></TR>

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   <TD width="100%" colSpan=8><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="9%" align=left><B><FONT style="FONT-FAMILY: Arial" size=1>Code</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="37%" align=left><B><FONT style="FONT-FAMILY: Arial" size=1>Description</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Paid-in capital</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Capital reserve,</FONT></B><FONT style="FONT-FAMILY: Arial" size=1><BR><B>granted options and</B><BR><B>treasury shares</B>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Earnings reserve</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Retained</FONT></B><FONT style="FONT-FAMILY: Arial" size=1><BR><B>earnings/accumulated</B><BR><B>losses</B>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Other</FONT></B><FONT style="FONT-FAMILY: Arial" size=1><BR><B>comprehensive</B><BR><B>income</B>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="9%" align=right><B><FONT style="FONT-FAMILY: Arial" size=1>Equity</FONT></B></TD></TR>

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<TR>

   <TD width="100%" colSpan=8><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.01</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Opening balances</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>1,680,947</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>30</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>6,119,798</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(168,015)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,632,760</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.03</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Adjusted opening balances</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>1,680,947</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>30</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>6,119,798</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(168,015)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,632,760</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.04</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Capital transactions with owners</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(1,227,703)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(218,681)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(1,446,384)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.04.07</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Interest on Capital</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(218,681)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(218,681)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.04.08</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Approval of prior year&#8217;s proposed dividends</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(1,227,703)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(1,227,703)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Total comprehensive income</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>1,756,003</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(880,224)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>875,779</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.01</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Profit for the period</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>1,756,003</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>1,756,003</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.02</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Other comprehensive income</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(880,224)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(880,224)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.02.04</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Translation adjustments for the period</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(57,933)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(57,933)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.02.08</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Net change in the fair value on available-for-sale financial assets</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(124,127)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(124,127)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.02.09</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Sale of available-for-sale assets</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(698,164)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(698,164)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD width="9%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.07</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="37%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Closing balances</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>1,680,947</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>30</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>4,892,095</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>1,537,322</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(1,048,239)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="9%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,062,155</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD width="70%" colSpan=2 align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Parent Company Statements / Statement of Value Added</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

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<TR vAlign=bottom>

   <TD width="70%" colSpan=2 align=left><B><FONT style="FONT-FAMILY: Arial" size=2>(R$ thousand)</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;<STRONG>Code</STRONG> </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;<STRONG>Description</STRONG> </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2>Accumulated in the</FONT></B><FONT style="FONT-FAMILY: Arial" size=2><BR><B>Current Year</B><BR><B>1/1/2012 to 6/30/2012</B>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2>Accumulated in the</FONT></B><FONT style="FONT-FAMILY: Arial" size=2><BR><B>Previous Year</B><BR><B>1/1/2011 to 6/30/2011</B>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Revenues</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>6,201,874</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>6,750,982</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.01.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Sales of products and services</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>6,195,677</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>6,760,882</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.01.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Recognition/reversal of allowance for doubtful debts</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>6,197</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(9,900)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Inputs purchased from third parties</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(5,574,552)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(3,923,904)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.02.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Costs of sales and services</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(3,770,290)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(3,533,710)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.02.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Materials, electric. power, outside services and other</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(542,595)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(380,953)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.02.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Impairment/recovery of assets</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,261,667)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(9,241)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Gross value added</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>627,322</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,827,078</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Retentions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(449,223)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(375,783)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.04.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Depreciation, amortization and depletion</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(449,223)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(375,783)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.05</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Wealth created</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>178,099</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,451,295</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.06</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Value added received as transfer</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>913,386</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,732,088</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.06.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Share of profits (losses) of investees</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>507,121</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,624,812</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.06.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Finance income/exchange gains</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>406,559</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>105,467</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.06.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(294)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,809</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.07</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Wealth for distribution</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,091,485</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>4,183,383</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Wealth distributed</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,091,485</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>4,183,383</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Personnel</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>307,780</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>466,459</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.01.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Salaries and wages</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>237,791</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>366,526</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.01.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Benefits</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>47,872</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>77,903</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.01.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Severance pay fund (FGTS)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>22,117</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>22,030</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Taxes and contributions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(378,727)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>852,288</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.02.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Federal</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(473,370)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>703,661</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.02.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>State</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>77,723</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>133,846</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.02.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Municipal</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>16,920</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>14,781</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Lenders and lessors</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,084,098</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,108,633</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.03.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Interest</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,081,837</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,108,019</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.03.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Leases</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,261</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>614</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Shareholders</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(921,666)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,756,003</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.04.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Interest on capital</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>237,978</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>218,681</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.04.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Retained earnings/(accumulated losses) for the year</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,159,644)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,537,322</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>&nbsp;</FONT><B>&nbsp;</B></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

<DIV align=left>&nbsp;</DIV>

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   <TD width="70%" colSpan=2 align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Consolidated Company Statements / Balance Sheet - Assets</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="70%" colSpan=2 align=left><B><FONT style="FONT-FAMILY: Arial" size=2>(R$ thousand)</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;<STRONG>Code</STRONG><FONT style="FONT-FAMILY: Arial" size=2> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;<STRONG>Description</STRONG><FONT style="FONT-FAMILY: Arial" size=2> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2><STRONG>Current Quarter</STRONG><FONT style="FONT-FAMILY: Arial" size=2> <BR></FONT><STRONG>6/30/2012</STRONG></FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2><STRONG>YTD Previous Year</STRONG><FONT style="FONT-FAMILY: Arial" size=2> <BR></FONT><STRONG>12/31/2011</STRONG></FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Total assets</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>47,455,273</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>46,869,702</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Current assets</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>20,365,286</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>21,944,306</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.01.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Cash and cash equivalents</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>13,690,478</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>15,417,393</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.01.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Trade receivables</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,878,754</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,616,206</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.01.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Inventories</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>3,693,270</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>3,734,984</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.01.08</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other current assets</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,102,784</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,175,723</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Non-current assets</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>27,089,987</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>24,925,396</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.02.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Long-term receivables</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>5,445,771</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>4,856,721</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.02.01.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Financial assets measured at amortized cost</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>118,132</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>139,679</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.02.01.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Trade receivables</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,863</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>10,043</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.02.01.06</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Deferred taxes</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,490,751</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,840,773</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.02.01.09</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other non-current assets</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,835,025</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,866,226</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.02.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Investments</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,218,532</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,088,225</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.02.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Property, plant and equipment</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>19,611,088</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>17,377,076</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1.02.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Intangible assets</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>814,596</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>603,374</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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   <TD width="70%" colSpan=2 align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Consolidated Company Statements / Balance Sheet - Liabilities</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2>(R$ thousand)</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;<STRONG>Code</STRONG><FONT style="FONT-FAMILY: Arial" size=2> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;<STRONG>Description</STRONG><FONT style="FONT-FAMILY: Arial" size=2> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2><STRONG>Current Quarter</STRONG><FONT style="FONT-FAMILY: Arial" size=2> <BR></FONT><STRONG>6/30/2012</STRONG></FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2><STRONG>YTD Previous Year</STRONG><FONT style="FONT-FAMILY: Arial" size=2> <BR></FONT><STRONG>12/31/2011</STRONG></FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Total liabilities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>47,455,273</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>46,869,702</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Current liabilities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>5,674,534</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>6,496,947</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.01.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Payroll and related taxes</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>231,295</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>202,469</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.01.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Trade payables</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,517,224</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,232,075</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.01.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Taxes payable</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>225,363</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>325,132</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.01.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Borrowings and financing</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,431,577</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,702,083</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.01.05</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other payables</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>958,066</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,728,445</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.01.06</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Provisions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>311,009</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>306,743</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.01.06.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Provisions for tax, social security, labor and civil risks</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>296,159</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>292,178</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.01.06.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other provisions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>14,850</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>14,565</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.01.06.02.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Provisions for environmental liabilities and asset decommissioning</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>14,850</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>14,565</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Non-current liabilities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>33,910,367</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>31,955,585</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Borrowings and financing</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>26,863,528</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>25,186,505</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other payables</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>5,589,884</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>5,593,520</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Deferred taxes</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>162,434</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>37,851</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Provisions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,294,521</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,137,709</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02.04.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Provisions for tax, social security, labor and civil risks</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>468,213</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>346,285</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02.04.01.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Tax provisions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>362,166</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>244,295</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02.04.01.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Social security and labor provisions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>83,095</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>79,941</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02.04.01.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Civil provisions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>22,952</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>22,049</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02.04.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other provisions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>826,308</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>791,424</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02.04.02.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Provisions for environmental liabilities and asset decommissioning</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>357,258</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>322,374</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.02.04.02.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Pension and healthcare plan</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>469,050</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>469,050</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Equity</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>7,870,372</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>8,417,170</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.03.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Issued capital</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>4,540,000</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,680,947</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.03.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Capital reserves</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>30</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>30</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.03.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Earnings reserves</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>4,539,075</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>7,671,620</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.03.04.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Legal reserve</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>336,190</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>336,190</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.03.04.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Statutory reserve</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>3,426,337</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>5,717,390</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.03.04.08</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Additional dividends proposed</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>0</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>273,492</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.03.04.11</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Investment reserve</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>776,548</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,344,548</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.03.05</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Retained earnings/accumulated losses</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,159,644)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>0</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.03.08</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other comprehensive income</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(465,936)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,366,776)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>2.03.09</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Non-controlling interests</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>416,847</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>431,349</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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

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   <TD rowSpan=2 width="100%" colSpan=6 align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Consolidated Company Statements / Statement of Income</FONT></B><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: arial"></FONT><BR><B><FONT style="FONT-FAMILY: arial">(R$ thousand)</FONT></B><FONT style="FONT-FAMILY: arial"></FONT> </FONT><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: Arial" size=2></FONT><FONT style="FONT-FAMILY: Arial" size=2></FONT><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=6><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="10%" align=left><FONT style="FONT-FAMILY: Arial" size=2></FONT><FONT style="FONT-SIZE: 8pt"><BR><B><FONT style="FONT-FAMILY: arial">Code</FONT></B><FONT style="FONT-FAMILY: arial"></FONT><BR></FONT><FONT style="FONT-FAMILY: arial"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="38%" align=left><FONT style="FONT-FAMILY: Arial" size=2></FONT><FONT style="FONT-SIZE: 8pt"><BR><B><FONT style="FONT-FAMILY: arial">Description</FONT></B><FONT style="FONT-FAMILY: arial"></FONT><BR></FONT><FONT style="FONT-FAMILY: arial"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="13%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Current Quarter</FONT></B><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"></FONT><BR><B><FONT style="FONT-FAMILY: arial">4/1/2012 to</FONT></B><FONT style="FONT-FAMILY: arial"></FONT><BR><B><FONT style="FONT-FAMILY: arial">6/30/2012</FONT></B><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="13%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Accumulated in the</FONT></B><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"></FONT><BR><B><FONT style="FONT-FAMILY: arial">Current Year</FONT></B><FONT style="FONT-FAMILY: arial"></FONT><BR><B><FONT style="FONT-FAMILY: arial">1/1/2012 to 6/30/2012</FONT></B><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="13%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Current Quarter of</FONT></B><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"></FONT><BR><B><FONT style="FONT-FAMILY: arial">Previous Year</FONT></B><FONT style="FONT-FAMILY: arial"></FONT><BR><B><FONT style="FONT-FAMILY: arial">4/1/2011 to 6/30/2011</FONT></B><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="13%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Accumulated in the</FONT></B><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"></FONT><BR><B><FONT style="FONT-FAMILY: arial">Previous Year</FONT></B><FONT style="FONT-FAMILY: arial"></FONT><BR><B><FONT style="FONT-FAMILY: arial">1/1/2011 to 6/30/2011</FONT></B><FONT style="FONT-FAMILY: arial">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=6><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.01</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Net revenue from sales and/or services</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4,136,827</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">8,032,566</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">4,323,192</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">8,112,200</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.02</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Cost of sales and/or services</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(2,981,047)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(5,733,653)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(2,487,472)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(4,720,300)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.03</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Gross profit</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,155,780</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,298,913</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,835,720</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,391,900</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.04</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Operating expenses/income</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(2,609,240)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(3,036,124)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">300,211</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(66,543)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.04.01</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Selling expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(178,504)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(359,499)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(145,767)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(265,769)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.04.02</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">General and administrative expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(148,036)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(281,848)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(158,669)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(279,978)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.04.04</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Other operating income</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">44,570</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">57,254</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">720,985</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">736,570</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.04.05</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Other operating expenses</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(2,327,270)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(2,452,031)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(116,338)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(257,366)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.05</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Profit before finance income (costs) and taxes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,453,460)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(737,211)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,135,931</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3,325,357</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.06</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Finance income (costs)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(317,938)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(946,099)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(649,664)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,168,100)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.06.01</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Finance income</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">89,721</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">197,306</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">189,828</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">328,910</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.06.02</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Finance costs</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(407,659)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,143,405)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(839,492)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,497,010)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.06.02.01</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Net exchange gains (losses) on financial instruments</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">269,559</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">216,738</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(80,027)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(173,366)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.06.02.02</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Finance costs</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(677,218)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,360,143)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(759,465)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,323,644)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.07</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Profit before taxes on income</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,771,398)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,683,310)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,486,267</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">2,157,257</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.08</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Income tax and social contribution</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">722,957</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">727,504</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(349,105)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(404,400)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.09</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Profit (loss) from continuing operations</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,048,441)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(955,806)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,137,162</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,752,857</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.11</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Consolidated profit/loss for the period</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,048,441)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(955,806)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,137,162</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,752,857</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.11.01</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Attributed to owners of the Company</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,032,360)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(921,666)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,138,484</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,756,003</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.11.02</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Attributed to non-controlling interests</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(16,081)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(34,140)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,322)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(3,146)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.99</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Earnings per share - (R$/share)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.99.01</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Basic earnings per share</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.99.01.01</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Common shares</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(0.70808)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(0.63216)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">0.78087</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1.20442</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.99.02</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Diluted earnings per share</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">3.99.02.01</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Common shares</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(0.70808)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(0.63216)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">0.78087</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1.20442</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD rowSpan=2 width="100%" colSpan=6 align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Consolidated Company Statements / Statement of Comprehensive Income</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><BR><B>(R$ thousand)</B> </FONT><FONT style="FONT-FAMILY: arial"></FONT><FONT style="FONT-FAMILY: Arial" size=2></FONT><FONT style="FONT-FAMILY: Arial" size=2></FONT><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD></TR>

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   <TD width="100%" colSpan=6><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="10%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Code</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="38%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Description</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Current Quarter</FONT></B><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 8pt"><BR></FONT></FONT><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4/1/2012 to 6/30/2012</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Accumulated in the</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><BR><B>Current Year</B><BR><B>1/1/2012 to 6/30/2012</B>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Current Quarter of</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><BR><B>Previous Year</B><BR><B>4/1/2011 to 6/30/2011</B>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="13%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Accumulated in the</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><BR><B>Previous Year</B><BR><B>1/1/2011 to 6/30/2011</B>&nbsp;</FONT></TD></TR>

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<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Profit for the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,048,441)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(955,806)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,137,162</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">1,752,857</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Other comprehensive income</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">670,653</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">900,840</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,000,888)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(880,224)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.02.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Exchange differences arising on translating foreign operations</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">163,423</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">133,401</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(47,081)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(57,933)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.02.03</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Net change in the fair value on available-for-sale financial assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">507,230</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">767,439</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(255,643)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(124,127)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.02.04</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Sale of available-for-sale assets</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">0</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(698,164)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(698,164)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.03</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="38%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Comprehensive income for the period</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(377,788)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(54,966)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">136,274</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">872,633</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.03.01</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="38%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Attributed to owners of the Company</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(361,707)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(20,826)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">137,596</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">875,779</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">4.03.02</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="38%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Attributed to non-controlling interests</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(16,081)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(34,140)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(1,322)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(3,146)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></FONT></B></B></DIV></DIV>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<TR>

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

   <TD width="55%"></TD>

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

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

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   <TD rowSpan=2 width="100%" colSpan=4 align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Consolidated Company Statements / Statement of Cash Flows - Indirect Method</FONT></B><FONT style="FONT-FAMILY: Arial"><FONT size=2><BR></FONT></FONT><B><FONT style="FONT-FAMILY: Arial" size=2>(R$ thousand)</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2></FONT><BR><B><FONT style="FONT-FAMILY: Arial" size=2>Code</FONT></B><FONT style="FONT-FAMILY: Arial" size=2></FONT><BR><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2></FONT><BR><B><FONT style="FONT-FAMILY: Arial" size=2>Description</FONT></B><FONT style="FONT-FAMILY: Arial" size=2></FONT><BR><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="15%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2>Accumulated in the</FONT></B><FONT style="FONT-FAMILY: Arial" size=2></FONT><BR><B><FONT style="FONT-FAMILY: Arial" size=2>Current Year</FONT></B><FONT style="FONT-FAMILY: Arial" size=2></FONT><BR><B><FONT style="FONT-FAMILY: Arial" size=2>1/1/2012 to 6/30/2012</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="15%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2>Accumulated in the</FONT></B><FONT style="FONT-FAMILY: Arial" size=2></FONT><BR><B><FONT style="FONT-FAMILY: Arial" size=2>Previous Year</FONT></B><FONT style="FONT-FAMILY: Arial" size=2></FONT><BR><B><FONT style="FONT-FAMILY: Arial" size=2>1/1/2011 to 6/30/2011</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Net cash generated by operating activities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>653,514</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,001,277</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Cash flows from operating activities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,038,469</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,936,294</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Profit for the period</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(955,806)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,752,857</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Accrued charges on borrowings and financing</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,176,418</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,126,274</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Depreciation/ depletion / amortization</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>582,431</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>467,425</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01.05</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Deferred income tax and social contribution</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(836,541)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>294,153</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01.07</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Provisions for tax, social security, labor and civil risks</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>168,236</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>37,737</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01.08</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Inflation adjustment and exchange differences, net</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(195,101)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(301,374)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01.09</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Gain on derivative transactions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(15,730)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>202,835</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01.10</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Impairment of available-for-sale security</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,022,793</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>0</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01.12</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Realization of available-for-sale security</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>0</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(698,164)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01.16</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Residual value of long-lived assets written off</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>3,400</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>0</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.01.17</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other provisions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>88,369</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>54,551</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Changes in assets and liabilities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,384,955)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(935,017)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Trade receivables</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(42,852)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(97,614)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Inventories</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>99,451</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(98,399)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Receivables from jointly controlled entities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(72,096)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>473,977</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Taxes available for offset</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>24,739</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(10,279)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.05</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Judicial deposits</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(24,785)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(10,505)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.08</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Trade payables</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>133,704</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>54,597</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.09</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Payroll and related taxes</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(49,432)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(89,092)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.10</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Taxes</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(43,058)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>78,235</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.11</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Taxes in installments - REFIS</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(193,076)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(110,948)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.12</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Tax, social security, labor and civil risks liabilities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(7,951)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>79,395</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.13</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Interest paid</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,207,601)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(869,146)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.14</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Interest on swap paid</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(34,490)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(208,913)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.01.02.16</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>32,492</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(126,325)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Net cash used in investing activities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,958,687)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,694,634)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.02.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Investments/advances for future capital increase</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(141,082)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,299,692)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.02.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Property, plant and equipment</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,558,548)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,699,632)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.02.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Intangible assets</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(562)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(395)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.02.05</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Cash from acquisition of subsidiaries</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>14,880</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>0</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.02.06</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Disposal of investments</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>0</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,310,171</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.02.08</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Acquisition of subsidiaries</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(300,545)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>0</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.02.09</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Receipt/payment in derivative transactions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>27,170</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(5,086)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Net cash generated by (used in) financing activities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,399,409)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,624,726</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.03.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Borrowings and financing raised</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,842,696</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>3,977,670</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.03.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Repayments of principal</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,291,694)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(622,411)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.03.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Repayments of principal - acquisition of subsidiaries</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(806,937)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>0</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.03.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Dividends and interest on capital paid</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,199,668)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,856,327)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.03.05</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Capital contribution by non-controlling shareholders</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>56,194</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>125,794</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Changes in cash and cash equivalents</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>977,667</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(485,653)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.05</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Increase (decrease) in cash and securities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,726,915)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,445,716</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.05.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Cash and cash equivalents at the beginning of the period</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>15,417,393</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>10,239,278</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>6.05.02</FONT><FONT style="FONT-FAMILY: Arial" size=2> </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Cash and cash equivalents (except derivative assets) at the end</FONT><FONT style="FONT-FAMILY: Arial" size=2> of the period </FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>13,690,478</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>11,684,994</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR></TABLE></FONT></DIV></DIV>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD rowSpan=2 width="100%" colSpan=10 align=left><B><FONT style="FONT-FAMILY: Arial" size=1>Consolidated Company Statements / Statement of Changes in Shareholders&#180; Equity - 1/1/2012 to 6/30/2012</FONT></B><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><BR><B><FONT style="FONT-FAMILY: Arial" size=1>(R$ thousand)</FONT></B><FONT style="FONT-FAMILY: Arial" size=1></FONT> <FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT><FONT style="FONT-FAMILY: Arial" size=1></FONT></TD></TR>

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   <TD width="100%" colSpan=10><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;<STRONG>Code</STRONG><FONT style="FONT-FAMILY: Arial" size=1> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;<STRONG>Description</STRONG><FONT style="FONT-FAMILY: Arial" size=1> </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1><STRONG>Paid-in capital</STRONG><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1><STRONG>Capital reserve,</STRONG><FONT style="FONT-FAMILY: Arial" size=1> <BR></FONT><STRONG>granted </STRONG><FONT style="FONT-FAMILY: Arial" size=1><STRONG>options</STRONG><SUP><STRONG> <BR></STRONG></SUP></FONT><STRONG>and treasury</STRONG></FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1><STRONG>Earnings reserve&nbsp;</STRONG>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1><STRONG>Retained</STRONG><FONT style="FONT-FAMILY: Arial" size=1> <BR></FONT><STRONG>earnings/accumul</STRONG> <BR><STRONG>ated losses</STRONG></FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1><STRONG>Other</STRONG><FONT style="FONT-FAMILY: Arial" size=1> <BR></FONT><STRONG>comprehensive</STRONG><FONT style="FONT-FAMILY: Arial" size=1> <BR></FONT><STRONG>income</STRONG></FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1><STRONG>Equity</STRONG><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1><STRONG>Non-controlling</STRONG><FONT style="FONT-FAMILY: Arial" size=1> <BR></FONT><STRONG>interests</STRONG></FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1><STRONG>Consolidated</STRONG><FONT style="FONT-FAMILY: Arial" size=1> <BR></FONT><STRONG>equity</STRONG></FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.01</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Opening balances</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>1,680,947</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>30</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,671,620</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(1,366,776)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,985,821</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>431,349</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>8,417,170</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.03</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Adjusted opening balances</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>1,680,947</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>30</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,671,620</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(1,366,776)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,985,821</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>431,349</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>8,417,170</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.04</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Capital transactions with owners</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>2,859,053</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(3,132,545)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(237,978)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(511,470)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(511,470)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.04.01</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Capital increases</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>2,859,053</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(2,859,053)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.04.07</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Interest on Capital</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(237,978)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(237,978)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(237,978)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.04.08</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Approval of prior year&#8217;s proposed dividends</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(273,492)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(273,492)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(273,492)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Total comprehensive income</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(921,666)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>900,840</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(20,826)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(34,140)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(54,966)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.01</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Profit for the period</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(921,666)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(921,666)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(34,140)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(955,806)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.02</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Other comprehensive income</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>900,840</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>900,840</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>900,840</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.02.04</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Translation adjustments for the period</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>133,401</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>133,401</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>133,401</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.05.02.09</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Net change in the fair value on available-for-sale financial<FONT style="FONT-FAMILY: Arial" size=1> </FONT>assets</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>767,439</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>767,439</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>767,439</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.06</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Internal changes in equity</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>19,638</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>19,638</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.06.04</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Non-controlling interests in subsidiaries</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>0</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>19,638</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>19,638</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial" size=1>5.07</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial" size=1>Closing balances</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>4,540,000</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>30</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>4,539,075</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(1,159,644)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>(465,936)</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,453,525</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>416,847</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: Arial" size=1>7,870,372</FONT><FONT style="FONT-FAMILY: Arial" size=1>&nbsp;</FONT></TD></TR></TABLE></FONT></DIV>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD vAlign=middle rowSpan=2 width="100%" colSpan=10 align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated Company Statements / Statement of Changes in Shareholders&#180; Equity - 1/1/2011 to 6/30/2011</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B></TD></TR>

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<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=left>&nbsp;<STRONG><FONT size=1 face=Arial>Code</FONT></STRONG> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="30%" align=left>&nbsp;<STRONG><FONT size=1 face=Arial>Description</FONT></STRONG> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Paid-in capital</FONT></STRONG> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Capital reserve,</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>granted options</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>and treasury</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>shares</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Earnings reserve </FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Retained</FONT></STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG><FONT size=1 face=Arial>earnings/accumul</FONT></STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG><FONT size=1 face=Arial>ated losses</FONT></STRONG> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Other</FONT></STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG><FONT size=1 face=Arial>comprehensive</FONT></STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG><FONT size=1 face=Arial>income</FONT></STRONG> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Equity</FONT></STRONG> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Non-controlling</FONT></STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG><FONT size=1 face=Arial>interests</FONT></STRONG> </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Consolidated</FONT></STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG><FONT size=1 face=Arial>equity</FONT></STRONG> </TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.01</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Opening balances</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,119,798</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(168,015)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,632,760</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>189,928</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,822,688</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.03</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Adjusted opening balances</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,119,798</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(168,015)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,632,760</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>189,928</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,822,688</FONT>&nbsp;</TD></TR>

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   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.04</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Capital transactions with owners</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,227,703)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(218,681)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,446,384)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,446,384)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.04.07</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest on Capital</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(218,681)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(218,681)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(218,681)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.04.08</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Approval of prior year&#8217;s proposed dividends</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,227,703)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,227,703)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,227,703)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.05</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Total comprehensive income</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,756,003</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(880,224)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>875,779</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,146)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>872,633</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.05.01</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Profit for the period</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,756,003</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,756,003</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,146)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,752,857</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.05.02</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other comprehensive income</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(880,224)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(880,224)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(880,224)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.05.02.04</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Translation adjustments for the period</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(57,933)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(57,933)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(57,933)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.05.02.08</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Net change in the fair value on available-for-sale financial assets</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(124,127)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(124,127)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(124,127)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.05.02.09</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sale of available-for-sale assets</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(698,164)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(698,164)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(698,164)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.06</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Internal changes in equity</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(230)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(230)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.06.04</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-controlling interests in subsidiaries</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(230)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(230)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.07</FONT>&nbsp;</TD>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Closing balances</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,892,095</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,537,322</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,048,239)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,062,155</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>186,552</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,248,707</FONT>&nbsp;</TD></TR></TABLE></FONT></B></B></DIV></DIV>

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

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD width="55%"></TD>

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   <TD rowSpan=2 width="100%" colSpan=4 align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Consolidated Company Statements / Statement of Value Added</FONT></B><FONT style="FONT-FAMILY: Arial"><FONT size=2><BR></FONT></FONT><B><FONT style="FONT-FAMILY: Arial" size=2>(R$ thousand)</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="15%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Code</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="55%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Description</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="15%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2>Accumulated in the</FONT></B><FONT style="FONT-FAMILY: Arial" size=2><BR><B>Current Year</B><BR><B>1/1/2012 to 6/30/2012</B>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="15%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2>Accumulated in the</FONT></B><FONT style="FONT-FAMILY: Arial" size=2><BR><B>Previous Year</B><BR><B>1/1/2011 to 6/30/2011</B>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=4><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Revenues</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>9,413,167</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>10,309,337</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.01.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Sales of products and services</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>9,409,219</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>9,628,961</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.01.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other revenues/expenses</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>51</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>690,728</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.01.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Recognition/reversal of allowance for doubtful debts</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>3,897</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(10,352)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Inputs purchased from third parties</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(7,973,163)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(4,814,844)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.02.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Costs of sales and services</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(5,022,891)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(4,181,697)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.02.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Materials, electric. power, outside services and other</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(901,283)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(621,123)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.02.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Impairment/recovery of assets</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(2,048,989)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(12,024)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Gross value added</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,440,004</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>5,494,493</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Retentions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(582,431)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(467,425)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.04.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Depreciation, amortization and depletion</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(582,431)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(467,425)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.05</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Wealth created</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>857,573</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>5,027,068</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.06</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Value added received as transfer</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,090,071</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>328,690</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.06.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Finance income/exchange gains</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,085,160</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>326,014</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.06.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Other</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>4,911</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,676</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.07</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Wealth for distribution</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,947,644</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>5,355,758</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Wealth distributed</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,947,644</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>5,355,758</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Personnel</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>691,067</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>730,958</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.01.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Salaries and wages</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>535,410</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>574,627</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.01.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Benefits</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>116,567</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>119,885</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.01.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Severance pay fund (FGTS)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>39,090</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>36,446</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Taxes and contributions</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>176,559</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,374,737</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.02.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Federal</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(53,779)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,097,985</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.02.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>State</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>217,835</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>257,346</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.02.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Municipal</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>12,503</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>19,406</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Lenders and lessors</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,035,824</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,497,206</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.03.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Interest</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>2,030,843</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,493,259</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.03.02</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Leases</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>4,981</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>3,947</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Shareholders</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(955,806)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,752,857</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.04.01</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Interest on capital</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>237,978</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>218,681</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.04.03</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Retained earnings/(accumulated losses) for the year</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(1,159,644)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>1,537,322</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="15%" align=left><FONT style="FONT-FAMILY: Arial" size=2>7.08.04.04</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Non-controlling interests</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(34,140)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(3,146)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

<H3 style="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><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff>Economic Scenario</FONT></B></FONT></H3></DIV>

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

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

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

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

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt">&nbsp;</P>

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

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

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

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

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

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt">&nbsp;</P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: top">&nbsp;</P>

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

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

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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

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

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

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

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

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

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>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><FONT face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US> &nbsp;</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0in"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>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></FONT></P>

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

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

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

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

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

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

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

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 9.7pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid" vAlign=top width="25%">

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

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   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; HEIGHT: 12.65pt; BORDER-RIGHT: black 1pt solid" vAlign=top width="50%">

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

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

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.65pt; BORDER-RIGHT: black 1pt solid" vAlign=top width="25%">

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

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   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; HEIGHT: 13.6pt; BORDER-RIGHT: black 1pt solid" vAlign=top width="50%">

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

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

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 13.6pt; BORDER-RIGHT: black 1pt solid" vAlign=top width="25%">

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

<TR style="HEIGHT: 13.75pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; HEIGHT: 13.75pt; BORDER-RIGHT: black 1pt solid" vAlign=top width="50%">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<H3 style="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><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff>Net Revenue</FONT></B></FONT><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff> &nbsp;</FONT></B></FONT></H3></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>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></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><FONT color=white face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US>Cost of goods sold (COGS) </FONT></B></FONT></H3></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>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></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><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff>Selling, General, Administrative and Other Operating Expenses</FONT></B></FONT></H3></DIV>

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

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

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

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

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

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

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

<H3 style="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><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff>Financial Result and Net Debt </FONT></B></FONT></H3></DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<IMG border=0 src="x12082715590205.gif"> </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><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff>Consolidated Net Income</FONT></B></FONT></H3></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US>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></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><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff>Capex</FONT></B></FONT></H3></DIV>

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

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

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

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

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

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

<P style="TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt" align=left><FONT face=wingdings><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US>&#252;</FONT></FONT><FONT face="times new roman"><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US>&nbsp; </FONT></FONT><FONT face="trebuchet ms,sans-serif"><FONT style="LINE-HEIGHT: 150%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US>Current investments: R$53 million.</FONT></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><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff>Working Capital</FONT></B></FONT></H3></DIV>

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

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

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<TR>

   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 6pt 0in" align=center><FONT face="Times New Roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US>&nbsp;&nbsp;</FONT></FONT></P>

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

<H3 style="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><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff>Results by Segment</FONT></B></FONT></H3></DIV>

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

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

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

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

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



<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="19%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="19%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="19%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="19%">&nbsp;</TD></TR>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=center>&nbsp;</TD>

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

<TR>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

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

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

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

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

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

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<TR>

   <TD width="28%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

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   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

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   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

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   <TD width="1%">&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=left>&nbsp;</TD>

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

   <TD width="1%" align=left>&nbsp;</TD>

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

   <TD width="1%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">2Q12</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Consolidated Results</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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>&nbsp;</TD>

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

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

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

<TR>

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

<TR>

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

<TR vAlign=bottom>

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

   <TD vAlign=middle width="1%" align=left>&nbsp;</TD>

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

   <TD vAlign=middle width="1%" align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="8%" align=right><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1Q12</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Consolidated Results</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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>&nbsp;</TD>

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

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

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

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

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 vAlign=middle width="1%" align=center>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

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

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%" align=right>&nbsp;</TD>

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

   <TD width="1%" align=right>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%" align=right>&nbsp;</TD>

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

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

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

<H3 style="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><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff>Steel</FONT></B></FONT></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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

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

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

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

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

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

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US>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><FONT color=black face="trebuchet ms,sans-serif"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face="trebuchet ms,sans-serif"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US>refrigerator, washing machine and stove sales climbing by 12%, 10% and 13%, respectively.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BACKGROUND: white; VERTICAL-ALIGN: baseline"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>Also according to Eletros, the sector should post annual growth of between 10% and 15%.</FONT></FONT></P>

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

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

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

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>Domestic sales totaled 1.0 million tonnes, in line with the 1Q12 figure. </FONT></FONT></P>

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

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

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>Net revenue per tonne averaged R$1,814 in 2Q12, stable when compared to the R$1,806 recorded in 1Q12. </FONT></FONT></P>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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

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

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

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

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

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

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

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

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<P style="MARGIN: 0in 0in 0pt" align=left><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US>Production </FONT></U></B></FONT></P>

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

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   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

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   <TD width="12%">&nbsp;</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=#99ccff vAlign=middle rowSpan=2 width="40%" align=center><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Production (in thousand t)</FONT></B></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-SIZE: 9pt" face="trebuchet ms">2Q11</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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-SIZE: 9pt" face="trebuchet ms">1Q12</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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-SIZE: 9pt" face="trebuchet ms">2Q12</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=middle width="24%" colSpan=2 align=center><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Change</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=middle width="12%" align=center><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">2Q12 x 2Q11</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=middle width="12%" align=center><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">2Q12 x 1Q12</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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-SIZE: 9pt" face="trebuchet ms">Crude Steel</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,243</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,200</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,213</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-2%</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,212</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,114</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=center><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,164</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

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

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US>Raw Materials:</FONT></U></B></FONT><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US> reduction of R$60 million, primarily related to the following inputs:</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US>- Coal:</FONT></B></FONT><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US> decline of R$55 million due to lower acquisition costs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US>- Other raw materials: </FONT></B></FONT><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>reduction of R$5 million.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US>Labor:</FONT></U></B></FONT><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US> increase of R$7 million.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US>Other production costs:</FONT></U></B></FONT><FONT face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US> &nbsp;</FONT></FONT><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>upturn of R$11 million.</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US>Depreciation:</FONT></U></B></FONT><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US> increase of R$4 million. </FONT></FONT></P>

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<IMG border=0 src="x12082715590218.gif"> </P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

<H3 style="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><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff>Mining</FONT></B></FONT></H3></DIV>

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

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

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

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

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

<P style="TEXT-ALIGN: justify"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>Current prices should be tested as minimum levels, given that they make most Chinese production impractical.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US>Iron ore sales</FONT></U></B></FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>Considering CSN&#8217;s 60% interest in Namisa, sales reached 4.5 million tonnes in 2Q12, 13% down on 1Q12.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify"><SUP><FONT face="trebuchet ms,sans-serif"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US>1 </FONT></I></FONT></SUP><FONT face="trebuchet ms,sans-serif"><I><FONT style="FONT-SIZE: 7pt" lang=EN-US>Sales volumes include 100% of the stake in NAMISA.</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US>Net Revenue</FONT></U></B></FONT></P>

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

<P style="TEXT-ALIGN: justify"><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US>Cost of goods sold (COGS)</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>Mining COGS came to R$535 million in 2Q12, 7% down on 1Q12, also chiefly due to the reduction in sales volume. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US>Adjusted EBITDA</FONT></U></B></FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US>Scenario</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify"><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US>Railway logistics </FONT></U></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; BACKGROUND: white"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>The rail concessionaires invested R$4.6 billion in 2011, 56% more than in 2010.</FONT></FONT></P>

<P><SUP><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 6pt" lang=EN-US>1</FONT></FONT></SUP><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 6pt" lang=EN-US>TEU (Twenty&#8208;Foot Equivalent Unit) &#8211; transportation unit equivalent to a standard 20-feet intermodal container</FONT></FONT></P>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0in"><FONT face="trebuchet ms,sans-serif"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US>Port Logistics</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in">&nbsp;</P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 9.6pt; BACKGROUND: white"><FONT color=black face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>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></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT color=black face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>The Brazilian ports are expected to be handling 2.2 billion tonnes of cargo per year by 2030.</FONT></FONT></P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US>MRS and Transnordestina&#8217;s individual second-quarter results had not yet been announced up to the publication of this release. </FONT></FONT></P>

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

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

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

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US>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><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>EBITDA&nbsp;</FONT></FONT><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US> margin of 33%.</FONT></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: 6pt 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT face="trebuchet ms,sans-serif"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#ffffff>Cement</FONT></B></FONT></H3></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>Preliminary figures from SNIC (the Cement Industry Association) indicate domestic cement sales of </FONT></FONT><FONT color=black face="trebuchet ms,sans-serif"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US>33 million tonnes in the first half of 2012, 9.3% more than in the same period last year. </FONT></FONT><FONT face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 10pt" lang=EN-US>LTM sales through June totaled </FONT></FONT><FONT color=black face="trebuchet ms,sans-serif"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US>66.7 million tonnes, 8.4% up on the previous 12-month period. </FONT></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

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

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

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

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

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

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   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#000080 width="100%" colSpan=4 align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Capital Markets - CSNA3 / SID / IBOVESPA / DOW JONES</FONT></B></FONT></TD></TR>

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   <TD bgColor=#000080 width="55%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

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

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

   <TD bgColor=#000080 width="15%" align=center><FONT color=#ffffff><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1H12</FONT></B></FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD></TR>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,457,970,108</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,457,970,108</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">1,457,970,108</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD></TR>

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

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Closing price (R$/share)</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">17.22</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">11.38</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">11.38</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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-SIZE: 9pt" face="trebuchet ms">Closing price (US$/share)</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">9.46</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">5.67</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">5.67</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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-SIZE: 9pt" face="trebuchet ms">Market Capitalization (R$ million)</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">25,106</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">16,592</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">16,592</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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-SIZE: 9pt" face="trebuchet ms">Market Capitalization (US$ million)</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">13,792</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">8,267</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">8,267</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 0pt"><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Total return including dividends and interest on equity</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">CSNA3 (%)</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

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

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

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-20%</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">SID (%)</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">16%</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-37%</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-27%</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD></TR>

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

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">14%</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-16%</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-4%</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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-SIZE: 9pt" face="trebuchet ms">Dow Jones</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">8%</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">-3%</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

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

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   <P style="MARGIN-LEFT: 0pt"><B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Volume</FONT></B><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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-SIZE: 9pt" face="trebuchet ms">Average daily (thousand shares)</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">3,958</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">3,914</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">3,936</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD></TR>

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   <P style="MARGIN-LEFT: 5pt"><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Average daily (R$ Thousand)</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">70,391</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">54,893</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">62,642</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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-SIZE: 9pt" face="trebuchet ms">Average daily (thousand ADRs)</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">5,486</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">5,078</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">5,280</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&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-SIZE: 9pt" face="trebuchet ms">Average daily (US$ Thousand)</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">55,710</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">36,782</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">46,170</FONT><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD></TR>

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   <TD width="55%" align=left><I><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">Source: Econom&#225;tica</FONT></I><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 9pt" face="trebuchet ms">&nbsp;</FONT></TD></TR></TABLE>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;(Expressed In thousands of reais &#8211; R$, unless otherwise stated)</FONT></B></P>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>DESCRIPTION OF BUSINESS</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional is a publicly-held company incorporated on April 9, 1941, under the laws of the Federative Republic of Brazil (Companhia Sider&#250;rgica Nacional, its subsidiaries, associates and jointly controlled entities collectively referred to herein as "CSN" or the &#8220;Company&#8221;). The Company&#8217;s registered office social is located at Avenida Brigadeiro Faria Lima, 3400 &#8211; S&#227;o Paulo, SP.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN has shares listed on the S&#227;o Paulo Stock Exchange (BOVESPA) and the New York Stock Exchange (NYSE). Accordingly, it reports its information to the Brazilian Securities Commission (CVM) and the U.S. Securities and Exchange Commission (SEC). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company's main operating activities are divided into 5 (five) segments as follows: </FONT></P>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel:</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s main industrial facility is the Presidente Vargas Steel Mill (&#8220;UPV&#8221;), located in the city of Volta Redonda, State of Rio de Janeiro. This segment consolidates the operations related to the production, distribution and sale of flat steel, long steel, metallic packaging and galvanized steel. In addition to the facilities in Brazil, CSN has operations in the United States, Portugal and Germany aimed at gaining markets and performing excellent services for final consumers. Its steels are used in the home appliances, civil construction and automobile industries</FONT><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; &nbsp;</FONT></P>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining:</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The production of iron ore is developed in the city of Congonhas, in the State of Minas Gerais. It further mines tin in the State of Rond&#244;nia to supply the needs of UPV, with the excess of these raw materials being sold to subsidiaries and third parties. CSN holds the concession to operate TECAR, a solid bulk terminal, one of the 4 (four) terminals that comprise the Itagua&#237; Port, in Rio de Janeiro. Importations of coal and coke are carried out through this terminal.</FONT></P>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement:</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company entered the cement market boosted by the synergy between this new activity and its already existing businesses. Next to the Presidente Vargas Steel Mill in Volta Redonda (RJ), it installed a new business unit: CSN Cimentos, which produces CP-III type cement by using slag produced by the UPV blast furnaces in Volta Redonda. It also explores limestone and dolomite at the Arches drive in the State of Minas Gerais, to supply the needs of UPV and of the cement plant. </FONT></P>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistics</FONT></B></P></DIV>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN has equity interests in two railroad companies: MRS Log&#237;stica, which manages the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and Transnordestina Log&#237;stica, which operates the former Northeast Network of the RFFSA in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the State of Rio de Janeiro, the Company operates the Container Terminal known as Sepetiba Tecon at the Itagua&#237; Port. Located in the Bay of Sepetiba, this port has privileged highway, railroad and maritime access.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tecon handles the shipments of CSN steel products, movement of containers, as well as storage, consolidation and deconsolidation of cargo.</FONT></P>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Energy:</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As energy is fundamental in its production process, the Company has invested in assets for generation of electric power to guarantee its self-sufficiency. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>For further details on the Company's strategic investments and segments, see Note 26 - Business Segment Reporting.</FONT></P>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B></P></DIV>

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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=left><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(a)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basis of preparation</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The consolidated interim financial statements have been prepared and are being presented in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the corresponding standards issued by the CPC (Accounting Pronouncements Committee) and the CVM (Brazilian Securities Commission) applicable to the preparation of the financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The individual interim financial statements have been prepared in accordance with the standards issued by the CPC (Accounting Pronouncements Committee) and the CVM (Brazilian Securities Commission) applicable to the preparation of the financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The preparation of interim financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company&#8217;s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated interim financial statements, are disclosed in the notes to this report and refer to the allowance for doubtful debts, provision for inventory losses, provision for labor, civil, tax, environmental and social security risks, depreciation, amortization, depletion, provision for impairment, deferred taxes, financial instruments and employee benefits. Actual results may differ from these estimates.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The interim financial statements are presented in thousands of reais (R$). Depending on the applicable IFRS standard, the measurement criterion used in preparing the interim financial statements considers the historical cost, net realizable value, fair value or recoverable amount. When both IFRSs and CPCs include the option between acquisition cost and any other measurement criterion (for example, systematic remeasurement), we used the cost criterion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The individual and consolidated interim financial statements were approved by the Board of Directors and authorized for issue on August 14, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(b)</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Consolidated interim financial statements</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The accounting policies have been consistently applied to all consolidated companies.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The consolidated interim financial statements for the period ended June 30, 2012 and the year ended December 31, 2011 include the following direct and indirect subsidiaries and jointly controlled entities, as well as the exclusive funds Diplic and Mugen:</FONT></P></DIV>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD width="35%"></TD></TR>

<TR height=20>

   <TD width="36%" colSpan=2 align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Equity interests (%)</FONT></B></TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>

   <TD width="35%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Main activities</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 width="36%" colSpan=2 align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Direct interest: full consolidation</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left></TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left></TD>

   <TD bgColor=#f8f8f8 width="35%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands VII Corp.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands VIII Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands IX Corp.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands X Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands XI Corp.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands XII Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tangua Inc. (1)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

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

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

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>International Investment Fund</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity interests and financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Minerals S.L.U.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Export Europe, S.L.U. (2)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Metals S.L.U.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity interests and financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Americas S.L.U.</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity interests and financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Steel S.L.U.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity interests and financial transactions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>TdBB S.A</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sepetiba Tecon S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Port services</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Mining and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Florestal Nacional S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Reforestation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estanho de Rond&#244;nia S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tin mining</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cia Metalic Nordeste</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Manufacture of packaging and distribution of steel products</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Companhia Metal&#250;rgica Prada</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Manufacture of packaging and distribution of steel products</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Cimentos S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cement manufacturing</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Gest&#227;o de Recursos Financeiros Ltda.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Mining and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Energia S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sale of electric power</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transnordestina Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>73.70</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>70.91</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Railroad logistics</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Indirect interest: full consolidation</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Aceros S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Companhia Sider&#250;rgica Nacional LLC</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Steel</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Europe Lda.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Ib&#233;ria Lda.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Portugal, Unipessoal Lda.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions and product sales</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lusosider Projectos Sider&#250;rgicos S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lusosider A&#231;os Planos, S. A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.94</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.94</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Steel and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Acquisitions, Ltd.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Resources S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Finance UK Ltd</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Holdings UK Ltd</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Handel GmbH (3)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Companhia Brasileira de Latas (4)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>59.17</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>59.17</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sale of cans and containers in general and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Rimet Empreendimentos Industriais e Comerciais S. A. (4)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.08</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.08</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Production and sale of steel containers and forestry</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Companhia de Embalagens Met&#225;licas MMSA (4)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Production and sale of cans and related activities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Empresa de Embalagens Met&#225;licas - LBM Ltda. (4)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of containers and holding interests in other entities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Empresa de Embalagens Met&#225;licas - MUD Ltda. (4)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Production and sale of household appliances and related products</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Empresa de Embalagens Met&#225;licas - MTM do Nordeste (4)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Production and sale of cans and related activities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Companhia de Embalagens Met&#225;licas - MTM (4)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.98</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Production and sale of cans and related activities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Steel Comercializadora, S.L.U. (5)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Steel Holdings 1, S.L.U. (5)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

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

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

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Steel Holdings 2, S.L.U. (5)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Stalhwerk Th&#252;ringen GmbH (5)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

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

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

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Production and sale of long steel and related activities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Steel Sections UK Limited (5)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Steel Sections GmbH (5)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

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

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

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Gallardo Sections Czech Republic s.r.o. (5)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Steel Sections Polska Sp.Z.o.o (5)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

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

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

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Direct interest: proportionate consolidation</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Mining and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Electric power generation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27.27</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27.27</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Railroad transportation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17.92</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17.92</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Electric power consortium</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Aceros Del Orinoco S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22.73</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22.73</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura (6)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Provision of services</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Indirect interest: proportionate consolidation</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

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

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

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

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

   <TD width="35%" align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Namisa International Min&#233;rios SLU</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Namisa Europe, Unipessoal Lda.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity interests and sales of products and minerals</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Aloadus Handel GmbH (3)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial transactions, product sales and equity interests</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Railroad transportation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="36%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Aceros Del Orinoco S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9.08</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9.08</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD width="98%" colSpan=7 align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Company liquidated in June 2012.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(2)</FONT>&nbsp;</TD>

   <TD width="98%" colSpan=7 align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>New corporate name of CSN Export S.&#224;.r.l., changed on August 9, 2011.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD width="98%" colSpan=7 align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Companies acquired on November 3, 2011;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD width="98%" colSpan=7 align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Interests acquired on July 12, 2011;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(5)</FONT>&nbsp;</TD>

   <TD width="98%" colSpan=7 align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Companies acquired on January 31, 2012;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(6)</FONT>&nbsp;</TD>

   <TD width="98%" colSpan=7 align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Equity interest acquired on December 5, 2011.</FONT></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exclusive funds</FONT></B></P>

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   <TD width="36%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Equity interests (%)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="35%" align=left>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Exclusive funds</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Main activities</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#f8f8f8 width="36%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Direct interest: full consolidation</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left></TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left></TD>

   <TD bgColor=#f8f8f8 width="35%" align=left>&nbsp;</TD></TR>

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   <TD width="36%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>DIPLIC - Balanced mutual fund</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investment fund</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#f8f8f8 width="36%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Mugen -Balanced mutual fund</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investment fund</FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In preparing the consolidated interim financial statements the following consolidation procedures have been applied:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Unrealized gains on transactions with subsidiaries and jointly controlled entities are eliminated to the extent of CSN&#8217;s equity interests in the related entity in the consolidation process. Unrealized losses are eliminated in the same manner as unrealized gains, although only to the extent that there are indications of impairment. The base date of the interim financial statements of the subsidiaries and jointly controlled entities is the same as that of the Company, and their accounting policies are in line with the policies adopted by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Subsidiaries </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Subsidiaries are all entities (including special purpose entities) over which the Company has the power to determine the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are actually exercisable or convertible are taken into consideration when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date when control is transferred to the Company and are deconsolidated from the date when such control ceases. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Joint controlled entities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The financial statements of jointly controlled entities are included in the consolidated financial statements from the date when shared control starts through the date when shared control ceases to exist. Jointly controlled entities are proportionately consolidated. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions and non-controlling interests</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company treats transactions with non-controlling interests as transactions with owners of Company equity. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains and losses on disposals to non-controlling interests are also recognized directly in equity, in line item &#8220;Valuation adjustments to equity&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>When the Company no longer holds control, any retained interest in the entity is remeasured to its fair value, with the change in the carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest in an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Company had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>&nbsp;</FONT><B>&nbsp;</B></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(c)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Individual interim financial statements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the individual interim financial statements, interests in subsidiaries and jointly controlled entities are accounted for by the equity method of accounting. The same adjustments are made both to the individual financial statements and the consolidated interim financial statements. In the case of CSN, the accounting practices adopted in Brazil, applied to the individual interim financial statements, differ from IFRS applicable to the separate financial statements only with respect to the measurement of investments in subsidiaries and associates by the equity method of accounting, which under IFRSs must be measured at cost or fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt" align=left><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(d)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign currencies</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Functional and presentation currency</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Items included in the interim financial statements of each one of the Company&#8217;s subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (&#8220;functional currency&#8221;). The consolidated interim financial statements are presented in Brazilian reais (R$), which is the Company&#8217;s functional currency and the Group&#8217;s presentation currency.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Balances and transactions</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Transactions in foreign currencies are translated into the functional currency using the exchange rates in effect at the dates of the transactions or valuation on which items are remeasured. Foreign exchange gains and losses resulting from the settlement of these transactions and from the translation at exchange rates in effect as of June 30, 2012 of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when they are recognized in equity as qualifying cash flow hedges and qualifying net investment hedges.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The asset and liability balances are translated at the exchange rate in effect at the end of the reporting period. As of June 30, 2012, US$1 is equivalent to R$2.0213 (R$1.8758 as of December 31, 2011), EUR&nbsp;1 is equivalent to R$2.5606 (R$2.4342 as of December 31, 2011), and JPY&nbsp;1 is equivalent R$0.02533 (R$0.02431 as of December 31, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>All other foreign exchange gains and losses, including foreign exchange gains and losses related to loans and cash and cash equivalents, are presented in the income statement as finance income or costs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the fair value of monetary securities denominated in foreign currency, classified as available-for-sale, are segregated into translation differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Exchange differences related to changes in amortized cost are recognized in profit or loss, and other changes in the carrying amount are recognized in equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exchange differences on non-monetary financial assets and liabilities classified as measured at fair value through profit or loss are recognized in profit or loss as part of the gain or loss on the fair value. Exchange differences on non-monetary financial assets, such as investments in shares classified as available-for-sale, are included in comprehensive income in equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Starting 2012, in view of the changes in operations of the subsidiary Namisa Europe, its functional currency changed from the US dollar to the Brazilian real. </FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><B><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B></B>&nbsp;</P>

<DIV align=left><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>iii.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Group companies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The results and financial position of all the Group&#8217;s entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the reporting currency are translated into the reporting currency as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets and liabilities in each balance sheet presented have been translated at the exchange rate prevailing at the end of the reporting period. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Income and expenses of each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates in effect at the transaction dates, in which case income and expenses are translated at the rate in effect at the transaction dates); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>All resulting exchange differences are recognized as a separate component in other comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On consolidation, exchange differences resulting from the translation of monetary items with characteristics of net investment in foreign operations are recognized in equity. When a foreign operation is partly disposed of or sold, exchange differences previously recorded in other comprehensive income are recognized in the income statement as part of the gain or loss on sale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(e)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents include cash on hand and in banks and other short-term highly liquid investments redeemable within 90 days from the end of the reporting period, readily convertible into a known amount of cash and subject to an insignificant risk of change in value. Certificates of deposit that can be redeemed at any time without penalties are considered as cash equivalents. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(f)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Trade receivables</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Trade receivables are initially recognized at fair value, including the related taxes and expenses. Foreign currency-denominated trade receivables are adjusted at the exchange rate in effect at the end of the reporting period. The allowance for doubtful debts was recognized in an amount considered sufficient to cover any losses. Management&#8217;s assessment takes into consideration the customer&#8217;s history and financial position, as well as the opinion of our legal counsel regarding the collection of these receivables for recognizing the allowance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(g)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Inventories</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Inventories are carried at the lower of cost and net realizable value. Cost is determined using the weighted average cost method on the acquisition of raw materials. The costs of finished products and work in process comprise raw materials, labor and other direct costs (based on the normal production capacity). Net realizable value represents the estimated selling price in the normal course of business, less estimated costs of completion and costs necessary to make the sale.</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> Losses for slow-moving or obsolete inventories are recognized when considered appropriate. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stockpiled inventories are accounted for as processed when removed from the mine.&nbsp; The cost of finished products comprises all direct costs necessary to transform stockpiled inventories into finished products.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><B><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B></B>&nbsp;</P>

<DIV align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(h)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investments</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investments in subsidiaries, jointly controlled entities and associates are accounted for by the equity method of accounting and are initially recognized at cost. The gains or losses are recognized in profit or loss as operating revenue (or expenses) in the individual interim financial statements. In the case of foreign exchange differences arising on translating foreign investments that have a functional currency different from the Company&#8217;s, changes in investments due exclusively to foreign exchange differences, as well as adjustments to pension plans and available-for-sale investments that impact the subsidiaries&#8217; equity, are recognized in line item &#8220;Cumulative translation adjustments&#8221;, in the Company&#8217;s equity, and are only recognized in profit or loss when the investment is disposed of or written off due to impairment loss. Other investments are recognized and maintained at cost or fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>When necessary, the accounting policies of subsidiaries and jointly controlled entities are changed to ensure consistency and uniformity of criteria with the policies adopted by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(i)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Business combination</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>The acquisition method is used to account for each business combination conducted by the Company. The consideration transferred for acquiring a subsidiary is the fair value of the assets transferred, liabilities incurred and equity instruments issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement, where applicable. Acquisition-related costs are recognized in profit or loss, as incurred. Identifiable assets acquired and liabilities assumed in a business combination are initially measured at their fair values at the acquisition date. The Company recognizes non-controlling interests in the acquiree according to the proportional non-controlling interest held in the fair value of the acquiree&#8217;s new assets (see note 3). </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(j)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Property, plant and equipment</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Property, plant and equipment are carried at cost of acquisition, formation or construction, less accumulated depreciation or depletion and any impairment loss. Depreciation is calculated under the straight-line method based on the remaining economic useful economic lives of assets, as mentioned in note 12. The depletion of mines is calculated based on the quantity of ore mined. Land is not depreciated since their useful life is considered indefinite. However, if the tangible assets are mine-specific, they are depreciated over the economic &nbsp;useful lives for such assets. The Company recognizes in the carrying amount of property, plant and equipment the cost of replacement, reducing the carrying amount of the part that it is replacing if it is probable that future economic benefits embodied therein will revert to the Company, and if the cost of the asset can be reliably measured. All other disbursements are expensed as incurred. Borrowing costs related to funds obtained for construction in progress are capitalized until these projects are completed. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>If some components of property, plant and equipment have different useful lives, these components are separately recognized as property, plant and equipment items.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains and losses on disposal are determined by comparing the sale value less the residual value and are recognized in &#8216;Other operating income (expenses)&#8217;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Mineral rights acquired are classified as other assets in property, plant and equipment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exploration expenditures are recognized as expenses until the viability of mining activities is established; after this period subsequent development costs are capitalized. Exploration and valuation expenditures include:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Research and analysis of exploration area historical data;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Topographic, geological, geochemical and geophysical studies;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Determine the mineral asset&#8217;s volume and quality/grade of deposits;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Examine and test the extraction processes and methods;</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Topographic surveys of transportation and infrastructure needs;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Market studies and financial studies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The costs for the development of new mineral deposits or capacity expansion in mines in operations are capitalized and amortized using the produced (extracted) units method based on the probable and proven ore quantities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The development stage includes:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Drillings to define the ore body;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Access and draining plans;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Advance removal of overburden (top soil and waste material removed prior to initial mining of the ore body) and waste material (non-economic material that is intermingled with the ore body).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stripping costs (the costs associated with the removal of overburdened and other waste materials) incurred during the development of a mine, before production commences, are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently amortized over the useful life of the mine based on proven and probable reserves. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Post-production stripping costs are included in the cost of the inventory produced (that is extracted), at each mine individually during the period that stripping costs are incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company holds spare parts that will be used to replace parts of property, plant and equipment and that will increase the asset&#8217;s useful life and the useful life of which exceeds 12 months.&nbsp; These parts are classified in property, plant and equipment and not in inventories.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(k)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Intangible assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Intangible assets comprise assets acquired from third parties, including through business combinations and/or those internally generated. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These assets are recognized at cost of acquisition or formation, less amortization calculated on a straight-line basis based on the exploration or recovery periods.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Intangible assets with indefinite useful lives and goodwill based on expected future profitability are not amortized.&nbsp; </FONT></P>

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<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill represents the positive difference between the amount paid and/or payable for the acquisition of a business and the net fair values of the assets and liabilities of the acquiree. Goodwill on acquisitions of subsidiaries is recognized as &#8216;Intangible assets&#8217; in the consolidated financial statements. In the individual balance sheet, goodwill is included in investments. Negative goodwill is recognized as a gain in profit for the period at the acquisition date. Goodwill is annually tested for impairment. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of a Cash-Generating Unit (CGU) include the carrying amount of goodwill related to the CGU sold.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill is allocated to CGUs for impairment testing purposes. The allocation is made to Cash-Generating Units or groups of Cash-Generating Units that are expected to benefit from the business combination from which the goodwill arose, and the unit is not greater than the operating segment.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Software</FONT></B></P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Software licenses purchased are capitalized based on the costs incurred to purchase the software and make it ready for use. These costs are amortized on a straight-line basis over the estimated economic useful lives of 1 to 5 years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(l)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Impairment of non-financial assets </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets with infinite useful lives, such as goodwill, are not subject to amortization and are annually tested for impairment. Assets subject to amortization are tested for impairment when whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognized at the amount by which the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the fair value of an asset less costs to sell and its value in use. For impairment testing purposes, assets are grouped at their lowest levels for which there are separately identifiable cash flows (Cash Generating Units, or CGUs). Non-financial assets, except goodwill, that are considered impaired are subsequently reviewed for possible reversal of the impairment at the reporting date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(m)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Employee benefits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee benefits</FONT></B></P>

<P style="MARGIN: 0in 0in 0in 24pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>A defined contribution plan is as a post-employment benefit plan whereby an entity pays fixed contributions to a separate entity (pension fund) and will not have any legal or constructive obligation to pay additional amounts. Obligations for contributions to defined contribution pension plans are recognized as employee benefit expenses in the income statement for the periods during which services are provided by employees. Contributions paid in advance are recognized as an asset on condition that either cash reimbursement or reduction in future payments is available. Contributions to a defined contribution plan that is expected to mature twelve (12) months after the end of the period in which the employee provides services are discounted to their present values.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#83a3e8 face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>A defined benefit plan is a post-employment benefit plan other than a defined contribution plan.&nbsp; The Company&#8217;s net obligation regarding defined pension benefit plans is calculated individually for each plan by estimating the value of the future benefit that the employees accrue as return for services provided in the current period and in prior periods; such benefit is discounted to its present value.&nbsp; Any unrecognized costs of past services and the fair values of any plan assets are deducted.&nbsp; The discount rate is the yield presented at the end of the reporting period for top line debt securities whose maturity dates approximate the terms and conditions of the Company&#8217;s obligations and which are denominated in the same currency as the one in which it is expected that the benefits will be paid.&nbsp; The calculation is made annually by a qualified actuary using the projected unit credit method.&nbsp; When the calculation results in a benefit for the Company, the asset to be recognized is limited to the total amount of any unrecognized costs of past services and the present value of the economic benefits available in the form of future plan reimbursements or reduction in future contributions to the plan.&nbsp; In calculating the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any Company plan. An economic benefit is available to the Company if it is realizable during the life of the plan or upon settlement of the plan&#8217;s liabilities.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company and some of its subsidiaries entities offered a postretirement healthcare benefit to its employees. The right to these benefits is usually contingent to their remaining in employment until the retirement age and the completion of the minimum length of service. The expected costs of these benefits are accumulated during the employment period, and </FONT>

<FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>were calculated using the same accounting method used for defined benefit pension plans. These obligations are annually evaluated by qualified independent actuaries.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>When the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized on a straight-line basis over the average period until the benefits become vested. When the benefits become immediately vested, the expense is recognized in profit or loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company has chosen to recognize all the actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income and only registered in the income statements if the plan is extinguished.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit sharing and bonus</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee profit sharing and executives&#8217; variable compensation are linked to the achievement of operating and financial targets. The Company recognizes a liability and an expense substantially allocated to production cost and, where applicable, to general and administrative expenses when such goals are met.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(n)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Provisions</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Provisions are recognized when: (i)&nbsp;the Company has a present legal or constructive obligation as a result of past events, (ii)&nbsp;it is probable that an outflow of resources will be required to settle a present obligation, and (iii)&nbsp;the amount can be reliably measured. Provisions are determined discounting the expected future cash flows based on a pre-tax discount rate that reflects current market assessments of the time value of money and, where appropriate, the specific risks of the liability.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(o)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Concessions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has government concessions and their payments are classified as operating leases.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(p)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Share capital </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Common shares are classified in equity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds, net of taxes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>When any Group company buys Company shares (treasury shares), the amount paid, including any directly attributable additional costs (net of income tax), is deducted from equity attributable to owners of the Company until the shares are canceled or reissued. When these shares are subsequently reissued, any amount received, net of any directly attributable additional transaction costs and the related income tax and social contribution effects, is included in equity attributable to owners of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(q)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Revenue recognition</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Operating revenue from the sale of goods in the normal course of business is measured at the fair value of the consideration received or receivable. Revenue is recognized when there is convincing evidence that the most significant risks and rewards of ownership of goods have been transferred to the buyer, it is probable that future economic benefits will flow to the entity, the associated costs and possible return of goods can be reliably estimated, there is no continued involvement with the goods sold, and the amount of the operating revenue can be reliably measured. If it is probable that </FONT>


<FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>discounts will be granted and the value thereof can be reliably measured, then the discount is recognized as a reduction of the operating revenue as sales are recognized. Revenue from services provided is recognized as it is realized.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The appropriate timing for transfer of risks and rewards varies depending on the individual terms and conditions of the sales contract. For international sales, this timing depends on the type of term of the contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(r)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Finance income and finance costs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Finance income includes interest income from funds invested (including available-for-sale financial assets), dividend income (except for dividends received from investees accounted for under the equity method in Company), gains on disposal of available-for-sale financial assets, changes in the fair value of financial assets measured at fair value through profit or loss, and gains on hedging instruments that are recognized in profit or loss. Interest income is recognized in profit or loss under the effective interest method. Dividend income is recognized in profit or loss when the Company&#8217;s right to receive payment has been established. &nbsp;Distributions received from investees accounted for by the equity method reduce the investment value. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Finance costs comprise interest expenses on borrowings, net of the discount to present value of the provisions, dividends on preferred shares classified as liabilities, losses in the fair value of financial instruments measured at fair value through profit or loss, impairment losses recognized in financial assets, and losses on hedging instruments that are recognized in profit or loss. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are measured through profit or loss under the effective interest method. </FONT></P>

<P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange gains and losses are reported on a net basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(s)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Current and deferred income tax and social contribution are calculated based on the tax law enacted or substantially enacted by the end of the reporting period, including in the countries where the Group entities operate and generate taxable profit. Management periodically assesses the positions assumed in the tax calculations with respect to situations where applicable tax regulations are open to interpretations. The Company recognizes provisions, when appropriate, based on the estimated payments to tax authorities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The income tax and social contribution expense comprises current and deferred taxes.&nbsp; The current and deferred taxes are recognized in profit or loss unless they are related to business combinations or items directly recognized in equity.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Current tax is the expected tax payable or receivable on taxable profit or loss for the period at tax rates that have been enacted or substantially enacted by the end of the reporting period and any adjustment to taxes payable in relation to prior years.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.&nbsp; Deferred tax is not recognized for the following temporary differences: initial recognition of assets and liabilities in a transaction that is not a business combination and does not affect either the accounting or taxable profit or loss, and differences associated with investments in subsidiaries and controlled entities when it is probable that they will not reverse in the foreseeable future. Moreover, a deferred tax liability is not recognized for taxable temporary differences resulting in the initial recognition of goodwill. The deferred tax is measured at the rates that are expected to be applied on temporary differences when they reverse, based on the laws that have been enacted or substantially enacted by the end of the reporting period.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><B><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B></B>&nbsp;</P>

<DIV align=left><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Current income tax and social contribution are carried at their net amounts by the taxpayer, in liabilities when there are amounts payable or in assets when prepaid amounts exceed the total amount due at the end of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on the same entity subject to taxation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>A deferred income tax and social contribution asset is recognized for all tax losses, tax credits, and deductible temporary differences to the extent that it is probable that taxable profits will be available against which those tax losses, tax credits, and deductible temporary differences can be utilized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Deferred income tax and social contribution assets are reviewed at the end of each reporting period and reduced to the extent that their realization is no longer probable. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(t)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Earnings per share </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share are calculated by means of the profit for the period attributable to owners of the Company and the weighted average number of common shares outstanding in the related period. Diluted earnings per share are calculated by means of the average number of shares outstanding, adjusted by instruments potentially convertible into shares, with diluting effect, in the reported periods. The Company does not have any instruments potentially convertible into shares and, accordingly, diluted earnings per share are equal to basic earnings per share.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(u)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental and restoration costs </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company recognizes a provision for the costs of recovery of areas and fines when a loss is probable and the amounts of the related costs can be reliably measured. Generally, the period for providing for the amount to be used in recovery coincides with the end of a feasibility study or the commitment to adopt a formal action plan.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expenses related to compliance with environmental regulations are charged to profit or loss or capitalized, as appropriate. Capitalization is considered appropriate when the expenses refer to items that will continue to benefit the Company and that are basically related to the acquisition and installation of equipment to control and/or prevent pollution. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(v)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Research and development </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>All these costs are recognized in the income statement when incurred, except when they meet the criteria for capitalization. Expenditures on research and development of new products for the period ended June 30, 2012 amounted to R$2,861 (R$3,130 for the period ended June 30, 2011). </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(w)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial instruments </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial assets are classified into following categories: measured at fair value through profit or loss, loans and receivables, held-to-maturity, and available-for- sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets of the time of initial recognition.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets at fair value through profit or loss</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial assets at fair value through profit or loss are financial assets held for active and frequent trading. Derivatives are also categorized as held for trading and, accordingly, are classified in this category unless they have been designated as cash flow hedging instruments. Assets in this category are classified in current assets. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Loans and receivables</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This category includes loans and receivables that are non-derivative financial assets with fixed or determinable payments not quoted in an active market. They are included in current assets, except those with maturity of more than 12 months after the end of the reporting period (which are classified as non-current assets). Loans and receivables include loans to associates, trade receivables and cash and cash equivalents, except short-term investments. Cash and cash equivalents are recognized at fair value.&nbsp; Loans and receivables are carried at amortized cost using the effective interest method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Held-to-maturity assets</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These are basically financial assets acquired with the positive intent and ability to hold to maturity. Held-to-maturity investments are initially recognized at their value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortized cost using the effective interest method, less any impairment loss.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Available-for-sale financial assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These are non-derivative financial assets, designated as available-for-sale, that are not classified in any other category. They are included in non-current assets when they are strategic investments of the Company, unless Management intends to dispose of the investment within up to 12 months from the end of the reporting period. Available-for-sale financial assets are recognized at fair value.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Recognition and measurement</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Regular purchases and sales of financial assets are recognized at the trading date - the date on which the Company undertakes to buy or sell the asset. Investments are initially recognized at their fair value, plus transaction costs for all financial assets not classified as at fair value through profit or loss. Financial assets at fair value through profit or loss are initially recognized at their fair value and the transaction costs are charged to the income statement. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred, in the latter case, provided that the Company has transferred significantly all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are carried at amortized cost using the effective interest method.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains or losses resulting from changes in the fair value of financial assets at fair value through profit or loss are presented in the income statement under &#8220;finance income&#8221; in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the income statement as part of other finance income when the Company&#8217;s right to receive the dividends has been established.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the fair value of monetary securities denominated in a foreign currency and classified as available-for-sale are segregated into translation differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Exchange differences on monetary securities are recognized in profit or loss, while exchange differences on non-monetary securities are recognized in equity. Changes in the fair value of monetary and non-monetary securities classified as available-for-sale are recognized in other comprehensive income and are only recognized in profit or loss when the investment is sold or written off as a loss.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Interest on available-for-sale securities, calculated under the effective interest method, is recognized in the income statement as part of other income. Dividends from available-for-sale equity instruments, such as shares, are recognized in the income statement as part of other finance income when the Company&#8217;s right to receive payments has been established.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The fair values of publicly quoted investments are based on current purchase prices. If the market for a financial asset (and for instruments not listed on a stock exchange) is not active, the Company establishes the fair value by using valuation techniques. These techniques include the use of recent transactions contracted with third parties, reference to other instruments that are substantially similar, analysis of discounted cash flows, and pricing models that make maximum use of market inputs and relies as little as possible on entity-specific inputs.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of financial assets</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>The Company assesses of the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>impaired</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>.&nbsp;</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: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets measured at amortized cost</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a &#8220;loss event&#8221;) and such loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>The criteria used by CSN to determine whether there is objective evidence of an impairment loss include:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>significant financial difficulty of the issuer or counterparty;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>a breach of contract, such as default or delinquency in interest or principal payments;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>the issuer, for economic or legal reasons relating to the borrower&#8217;s financial difficulty, grants to the borrower a concession that the lender would not otherwise consider;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>it becoming probable that the borrower will enter bankruptcy or other financial reorganization;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>the disappearance of an active market for that financial asset because of financial difficulties; or</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of such assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>- adverse changes in the payment status of borrowers in the portfolio;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>- national or local economic conditions that correlate with defaults on the assets in the portfolio.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>The amount of the loss is measured as the difference between the carrying amount of the asset and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the original effective interest rate of the financial asset. The carrying amount of the asset is reduced and the amount of the loss is recognized in the income statement. If a loan or held-to-maturity investment has a variable interest rate, the discount rate to measure an impairment loss is the current effective interest rate determined pursuant to the contract. As a practical </FONT>


<FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>expedient, the Company may measure impairment on the basis of an instrument&#8217;s fair value using an observable market price.</FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor&#8217;s credit rating), the previously recognized impairment loss is reversed and recognized in the consolidated income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets classified as available-for-sale</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>In the case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of an investment in an equity instrument below its cost is also objective evidence of impairment. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Determining what is considered a &#8220;significant&#8221; or &#8220;prolonged&#8221; decline requires judgment. For this judgment we assess, among other factors, the historical changes in the equity prices, the duration and proportion in which the fair value of the investment is lower than its cost, and the financial health and short-term prospects of the business for the investee, including factors such as: industry and segment performance, changes in technology, and operating and financial cash flows. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>If there is any of this evidence of impairment of available-for-sale financial assets, the cumulative loss&#8212;measured as the difference between the acquisition cost and the current fair value, less any impairment loss on the financial asset previously recorded in profit or loss&#8212;is reclassified from equity and recognized in the income statement. Impairment losses recognized in the income statement as available-for-sale instruments are not reversed through the income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>CSN tested for impairment its available-for-sale investment in Usiminas shares (see note 15). </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial liabilities</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>Financial liabilities are classified into the following categories: measured at fair value through profit or loss and other financial liabilities. Management determines the classification of its financial liabilities of the time of initial recognition.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial liabilities measured at fair value through profit or loss</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>Financial liabilities at fair value through profit or loss are financial liabilities held for trading or designated as at fair value through profit or loss.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>Derivatives are also classified as trading securities, unless they have been designated as effective hedging instruments.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other financial liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>Other financial liabilities are measured at amortized cost using the effective interest method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>The Company holds the following non-derivative financial liabilities: borrowings, financing and debentures, and trade payables.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Offsetting financial instruments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to set off recognized amounts and the intention to either settle them on a net basis or to realize the asset and settle the liability simultaneously. </FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivative instruments and hedging activities</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivatives measured at fair value through profit or loss</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are immediately recognized in the income statement under &#8220;Other gains (losses), net&#8221;. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Even though the Company uses derivatives for hedging purposes, it does not apply hedge accounting.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign exchange gains or losses on foreign operations</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Any gain or loss on the instrument related to the effective portion is recognized in equity. The gain or loss related to the ineffective portion is immediately recognized in the income statement under &#8220;Other gains (losses), net&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains and losses accumulated in equity are included in the income statement when the foreign operation is partially disposed of or sold.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(x)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Segment information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>An operating segment is a component of the Group committed to the business activities from which it can obtain revenues and incur expenses, including revenues and expenses related to transactions with any other components of the Group.&nbsp; All the operating results of operating segments are reviewed regularly by the Executive Officers of CSN to make decisions regarding funds to be allocated to the segment and assessment of its performance, and for which there is distinct financial information available (see Note 26).</FONT></P>

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<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(y)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Government grants</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received, when they will be recognized in profit or loss on a systematic basis over the periods in which the Company recognizes as expenses the related costs the grants are intended to compensate. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 25.5pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has state tax incentives in the North and Northeast regions that are recognized in profit or loss as a reduction of the corresponding costs, expenses and taxes.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(z)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>New standards and interpretations issued and not yet adopted</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>The information on the recently issued accounting standards and interpretations did not change significantly as compared to the one disclosed in note 2 to the financial statements for the year ended December 31, 2011.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>BUSINESS COMBINATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Companhia Brasileira de Latas (&#8220;CBL&#8221;)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On July 12, 2011, CSN conducted, through its wholly-owned subsidiary &#8220;Prada&#8221;, a capital increase in Companhia Brasileira de Latas (&#8220;CBL&#8221;) through the capitalization of receivables. As a result, the Company became the holder of CBL&#8217;s control, with an equity interest equivalent to 59.17% of its voting capital, represented by 784,055,451 common shares (&#8220;Acquisition&#8221;).</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The acquisition of CBL&#8217;s control will generate operating and administrative synergies that will result in a decrease in production costs, logistics costs, and administrative costs. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As mentioned in note 2(i), the acquisition method was used to account for identifiable assets acquired, liabilities assumed, and non-controlling interests. Non-controlling interests in CBL equivalent to 40.83% were proportionately determined, based on the fair value of identifiable assets acquired and liabilities assumed. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Some of the non-controlling shareholders are in the corporate structure of CSN&#8217;s parent group. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The purchase price of R$43,316 was allocated between identified assets acquired and liabilities assumed, measured at fair value. The asset and liability identification process considered the intangible assets that were not recognized in the acquirees&#8217; books.</FONT><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> The transaction costs are represented by consulting services and lawyers&#8217; fees totaling R$485, which have been allocated to profit or loss as incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#548dd4 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The tables below show the allocation of identifiable assets acquired and liabilities assumed recognized at the acquisition date, the purchase price considered on the acquisition of CBL&#8217;s control, and the calculation of the resulting goodwill. </FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="58%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Assets acquired and liabilities assumed</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="1%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=center><STRONG><FONT style="FONT-FAMILY: Arial" size=2>Carrying</FONT></STRONG><FONT style="FONT-FAMILY: Arial"><FONT size=2> <STRONG>amounts</STRONG></FONT><FONT size=2>&nbsp;</FONT></FONT></TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=center><STRONG><FONT style="FONT-FAMILY: Arial" size=2>Fair value</FONT></STRONG><FONT style="FONT-FAMILY: Arial"><FONT size=2> <STRONG>adjustments</STRONG></FONT><FONT size=2>&nbsp;</FONT></FONT></TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=center><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;<STRONG>Total fair value</STRONG> </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="58%" align=left>

   <P style="MARGIN-LEFT: 0pt"><FONT style="FONT-FAMILY: Arial" size=2>Current assets</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></P></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>62,182</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(7,465)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>54,717</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="58%" align=left>

   <P style="MARGIN-LEFT: 0pt"><FONT style="FONT-FAMILY: Arial" size=2>Non-current assets (*)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></P></TD>

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

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>44,718</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

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

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>89,449</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

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

   <TD width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>134,167</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="58%" align=left>

   <P style="MARGIN-LEFT: 0pt"><FONT style="FONT-FAMILY: Arial" size=2>Current liabilities</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></P></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(144,225)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>10,522</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(133,703)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" width="58%" align=left>

   <P style="MARGIN-LEFT: 0pt"><FONT style="FONT-FAMILY: Arial" size=2>Non-current liabilities (**)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></P></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(567,469)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>351,035</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: Arial" size=2>(216,434)</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" bgColor=#f2f2f2 width="58%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Total assets acquired and liabilities assumed</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2>(604,794)</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2>443,541</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2>(161,253)</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Comprising mainly the fair value adjustment to property, plant and equipment amounting to R$90,572. Total fair value of property, plant and equipment was measured at R$123,518.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Comprising mainly the fair value adjustment to receivables from CSN amounting to R$388,640.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The fair value adjustments made based on the corporate balance sheet to prepare the opening balance sheet were adjusted after the completion of the valuation report in December 2011. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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

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



<TR>

   <TD width="70%"></TD>

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

   <TD width="29%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" align=left><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Goodwill arising on acquisition</FONT></B>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 0pt"><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(-) Book value of CBL</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="29%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(604,794)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" align=left>

   <P style="MARGIN-LEFT: 0pt"><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>(+) Fair value of assets acquired and liabilities assumed</FONT>&nbsp;</P></TD>

   <TD width="1%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=right><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>443,541</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 0pt"><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(=) Total fair value of assets acquired and liabilities assumed</FONT></B>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="29%" align=right><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(161,253)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f2f2f2 width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 0pt"><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Purchase price considered</FONT></B>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="29%" align=right><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>43,316</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f2f2f2 width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="70%" align=left>

   <P style="MARGIN-LEFT: 0pt"><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Goodwill arising on acquisition</FONT></B>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="29%" align=right><B><FONT size=2 face=Helvetica-Bold,Arial,Helvetica,sans-serif>204,569</FONT></B>&nbsp;</TD></TR></TABLE>

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Goodwill arising on the acquisition comprises mainly the expected synergies generated by the business combination of Prada Embalagens with CBL. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The business combination with Companhia Brasileira de Latas, which took place on July 12, 2011, is under review of Conselho Administrativo de Defesa Econ&#244;mica, or CADE, (Brazilian antitrust agency).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 48 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <TD vAlign=top width="68%">

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

<a name="_bclHeader57"></a><DIV><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>

<P></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;) and Gallardo Sections</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt">&nbsp;</P></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>On January 31, 2012, through its wholly-owned subsidiary CSN Steel S.L., CSN completed the acquisition of all the shares (&#8220;Shares&#8221;) of the Spanish companies (a) Dankerena Guip&#250;zcoa, S.L. (currently named CSN Steel Holdings 2, S.L.U.) and Grupo Alfonso Gallardo Th&#252;ringen, S.L.U. (currently named CSN Steel Holdings 1, S.L.U.), holding companies that together hold 100% of the capital of the German company Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;), a producer of long steel located in Unterwellenborn, Germany, specialized in the production of shapes and with installed capacity of 1.1 million metric tons of steel/year; and (b) Gallardo Sections S.L.U. (currently named CSN Steel Comercializadora, S.L.U.), a trader of SWT products, all previously held by Grupo Alfonso Gallardo, S.L.U. (&#8220;AG Group&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This acquisition helps CSN to strengthen its role in the long steel segment, by strengthening its portfolio of world class assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As mentioned in Note 2(i), the acquisition method was used to account for identifiable assets acquired and liabilities assumed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The purchase price of R$300,545 (&#8364;130,939) was allocated between identified assets acquired and liabilities assumed, measured at fair value. In the purchase price identification process, the Company considered the adjustments presented below and the starting point was the transaction amount of R$1,107,482 (&#8364;482,500):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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

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



<TR>

   <TD width="70%"></TD>

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

   <TD width="29%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" align=left><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT style="FONT-FAMILY: arial" size=2></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=right><B><FONT style="FONT-FAMILY: arial" size=2>Amounts in R$</FONT></B><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT style="FONT-FAMILY: arial" size=2>Transaction price</FONT><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: arial" size=2></FONT></TD>

   <TD bgColor=#f2f2f2 width="29%" align=right><FONT style="FONT-FAMILY: arial" size=2>1,107,482</FONT><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT style="FONT-FAMILY: arial" size=2>Net debt</FONT><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: arial" size=2></FONT></TD>

   <TD width="29%" align=right><FONT style="FONT-FAMILY: arial" size=2>(860,743)</FONT><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT style="FONT-FAMILY: arial" size=2>Provisions</FONT><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: arial" size=2></FONT></TD>

   <TD bgColor=#f2f2f2 width="29%" align=right><FONT style="FONT-FAMILY: arial" size=2>(11,833)</FONT><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT style="FONT-FAMILY: arial" size=2>Tax credits</FONT><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: arial" size=2></FONT></TD>

   <TD width="29%" align=right><FONT style="FONT-FAMILY: arial" size=2>13,555</FONT><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="70%" align=left><FONT style="FONT-FAMILY: arial" size=2>Working capital</FONT><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: arial" size=2></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="29%" align=right><FONT style="FONT-FAMILY: arial" size=2>52,084</FONT><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" align=left><B><FONT style="FONT-FAMILY: arial" size=2>(=) Purchase price considered</FONT></B><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT style="FONT-FAMILY: arial" size=2></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=right><B><FONT style="FONT-FAMILY: arial" size=2>300,545</FONT></B><FONT style="FONT-FAMILY: arial" size=2>&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The purchase price adjustments considered are preliminary and can be changed after the completion of the final price adjustment</FONT><I><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The transaction costs are represented by consulting services and lawyers&#8217; fees totaling R$18,895, which have been included in the income statement, in general and administrative expenses, as incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The tables below show the allocation of identifiable assets acquired and liabilities assumed recognized at the acquisition date, the purchase price considered in the acquisition of SWT and Gallardo Sections, and the calculation of the resulting goodwill. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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

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



<TR>

   <TD width="49%"></TD>

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

   <TD width="16%"></TD>

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

   <TD width="16%"></TD>

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

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

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

   <TD width="16%" align=center></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial" size=2><STRONG></STRONG></FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial" size=2><STRONG></STRONG></FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD width="16%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="49%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Assets acquired</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="16%" align=right><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;<STRONG>Carrying<BR>amounts</STRONG>&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="16%" align=right><FONT style="FONT-FAMILY: Arial" size=2><STRONG>Fair value</STRONG><FONT style="FONT-FAMILY: Arial" size=2> <BR></FONT><STRONG>adjustments</STRONG></FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="16%" align=right><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;<STRONG>Total <BR>fair value</STRONG><FONT style="FONT-FAMILY: Arial" size=2> </FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="49%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Current assets&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD bgColor=#f2f2f2 width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>402,121&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD bgColor=#f2f2f2 width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>2,536&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD bgColor=#f2f2f2 width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>404,657&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="49%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Non-current assets (*)&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>192,788&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>731,161&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>923,949&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="49%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Current liabilities&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD bgColor=#f2f2f2 width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>(263,338)&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD bgColor=#f2f2f2 width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD bgColor=#f2f2f2 width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>(263,338)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" width="49%" align=left><FONT style="FONT-FAMILY: Arial" size=2>Non-current liabilities (**)&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>(846,175)&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>(110,055)&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right><FONT style="FONT-FAMILY: Arial" size=2>(956,230)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" bgColor=#f2f2f2 width="49%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Total assets acquired</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial" size=2></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="16%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial" size=2>(514,604)</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="16%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial" size=2>623,642</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="16%" noWrap align=right><B><FONT style="FONT-FAMILY: Arial" size=2>109,038</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Comprising mainly the fair value adjustment to property, plant and equipment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(**) Refers to the deferred income tax on the fair value adjustments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter57"></a><DIV><FONT face="times new roman">&nbsp;</FONT>

<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right">Page 49 of 117</P>

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   <TD vAlign=top width="100%" colSpan=2>

   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

<a name="_bclHeader58"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The fair value adjustments made based on the corporate balance sheet to prepare the opening balance sheet are preliminary and can be changed after the completion of the valuation report estimated for the second half of 2012. </FONT></P>

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

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



<TR>

   <TD width="70%"></TD>

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

   <TD width="29%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Goodwill arising on acquisition</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT style="FONT-FAMILY: Arial" size=2>(+) Purchase price considered&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD bgColor=#f2f2f2 width="29%" align=right><FONT style="FONT-FAMILY: Arial" size=2>300,545&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" align=left><FONT style="FONT-FAMILY: Arial" size=2>(-) Fair value of assets acquired and liabilities assumed&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial" size=2></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" align=right><FONT style="FONT-FAMILY: Arial" size=2>109,038&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="70%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2>(=) Goodwill arising on acquisition</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="29%" align=right><B><FONT style="FONT-FAMILY: Arial" size=2>191,507</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR></TABLE>

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

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill arising on the acquisition was mainly based on expected future earnings, as described in note 13. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>RELATED-PARTY BALANCES AND TRANSACTIONS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions with Holding Company</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Vicunha Siderurgia S.A. is a holding company set up for the purpose of holding equity interests in other companies and is the Company&#8217;s main shareholder, with 47.86% of the voting shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>Rio Iaco Participa&#231;&#245;es S.A. holds 3.99% of CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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



<TR>

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=center>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Proposed</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Paid</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8px" width="30%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Dividends</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Interest on capital</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Dividends</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Interest on capital</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vicunha Siderurgia</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>113,885</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>113,885</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>574,267</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Rio Iaco</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,499</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>9,499</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>47,897</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2012</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>123,384</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>123,384</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>622,164</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6px" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>622,164</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right>&nbsp;&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>622,164</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>777,706</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 14px" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>184,987</FONT></B>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Vicunha Siderurgia&#8217;s corporate structure is as follows (information not reviewed):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>Vicunha A&#231;os S.A. &#8211; holds 99.99% of Vicunha Siderurgia S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Vicunha Steel S.A. &#8211; holds 66.96% of Vicunha A&#231;os S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>National Steel S.A. &#8211; holds 33.04% of Vicunha A&#231;os S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CFL Participa&#231;&#245;es S.A. &#8211; holds 40% of National Steel S.A. and 39.99% of Vicunha Steel S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Rio Purus Participa&#231;&#245;es S.A. &#8211; holds 60% of National Steel S.A., 59.99% of Vicunha Steel S.A. and 99.80% of Rio Iaco Participa&#231;&#245;es S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 50 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <TD vAlign=top width="68%">

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

<a name="_bclHeader59"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b)</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions with subsidiaries and exclusive funds</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets</FONT></B></P></DIV>

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

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



<TR>

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

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

   <TD width="9%"></TD>

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

   <TD width="9%"></TD>

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

   <TD width="9%"></TD>

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

   <TD width="9%"></TD>

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

   <TD width="9%"></TD>

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

   <TD width="9%"></TD>

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

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8px; BORDER-TOP: #000000 1px solid" vAlign=middle width="30%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Trade</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>receivables</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Short-term and</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>other investments </STRONG></FONT><SUP><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>(1)</STRONG></FONT></SUP>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Intercompany loans</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>(2)</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Dividends</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>receivable</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Advance for future</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>capital increase</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Derivative financial</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>instruments </STRONG></FONT><SUP><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>(3)</STRONG></FONT></SUP>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands VIII Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>357,327</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>357,327</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Portugal, Unipessoal Lda.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,024</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,024</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Europe Lda.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,920</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Handel GmbH</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>102,530</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>102,530</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Companhia Metal&#250;rgica Prada</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>246,700</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>29,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>275,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Cimentos S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,885</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34,825</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>41,710</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transnordestina Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>44</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>94,821</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>180,205</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>275,070</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Florestal Nacional S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>175,128</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,522</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>183,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sepetiba Tecon S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>117</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,840</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,957</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Energia S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estanho de Rond&#244;nia S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,625</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fundos Exclusivos</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>671,588</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>671,588</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Companhia Brasileira de Latas</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>75,849</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>75,849</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2012</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>464,069</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>671,588</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>269,949</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12,485</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>255,552</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11px" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>357,327</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,030,970</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,989,352</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,345,088</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>239,885</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>14,045</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>49,206</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 11px" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>374,455</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,012,031</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1) The short-term investments and the investments in exclusive funds are managed by Banco BTG Pactual. As of June 30, 2012, short-term investments total R$433,846 (R$1,207,318 as of December 31, 2011) and investments in Usiminas shares total R$237,742 (R$137,770 as of December 31, 2011) both classified as available-for-sale investments.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2) Transnordestina &#8211; R$ contracts: interest equivalent to 101.5% to 102.5% of the interbank deposit rate (CDI) with final maturity in June 2014. As of June 30, 2012, borrowings total R$94,821 (R$53,440 as of December 31, 2011) of which R$90,369 is classified in long term and R$4,452 is classified in short term.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Florestal Nacional &#8211; R$ contracts: interest equivalent to 100.5% to 101.5% of CDI with final maturity in January 2013. </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3) Financial instruments contract, specifically swap between CSN and CSN Islands VIII.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Intercompany receivables arise from product sales and service transactions between the parent and its subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The accounts receivable of Companhia Brasileira de Latas (&#8220;CBL&#8221;) of R$75,849 as of June 30, 2012 (R$45,550 as of December 31, 2011), relating to commercial transactions, totals R$322,668, and R$246,819 is &nbsp;accrued for operations for the period before the acquisition, which is reversed only when received. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></P>

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



<TR>

   <TD width="34%"></TD>

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

   <TD width="10%"></TD>

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   <TD width="10%"></TD>

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

   <TD width="10%"></TD>

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

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

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="34%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Companies</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="32%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Borrowings and financing</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other payables</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Trade payables</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center>&nbsp;<STRONG><FONT size=1><FONT face=Arial>Prepayment <SUP>(1)</SUP></FONT></FONT></STRONG> </TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Fixed Rate Notes and</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>Intercompany Bonds </STRONG></FONT><SUP><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>(2)</STRONG></FONT></SUP>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Intercompany</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>borrowings (2)</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Payables</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD vAlign=middle width="1%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands VIII Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,500,743</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,500,743</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Portugal, Unipessoal Lda.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>245,426</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>245,426</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Europe Lda.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>66,343</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>66,343</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Resources S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,106,554</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,116,520</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>595,655</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,818,729</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Ib&#233;ria Lda.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,058</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,058</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estanho Rond&#244;nia S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,939</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,939</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,336,807</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,336,807</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Cimentos S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>384,594</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>384,594</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,775</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,775</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="34%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,351,980</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,617,263</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,047,863</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>384,594</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>9,714</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,411,414</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="34%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 12/31/2011</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,244,927</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,404,701</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,095,223</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,723</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>18,152</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>7,764,726</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1) US$ contracts - CSN Portugal: interest of 6.15% p.a. maturing in May 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contract - CSN Resources: interest of 4.07% p.a. with maturity extended to August 2022.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>YEN contracts - CSN Islands VIII: interest of 5.65% p.a. maturing in December 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Resources: interest of 4.14% p.a. maturing in July 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Resources: Intercompany bonds with interest of 9.125% p.a. maturing in June 2047.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Europe: semiannual Libor + 2.25% p.a. maturing in December 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Resources: interest of 2.01% to 2.50% p.a. maturing in February 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Ib&#233;ria: semiannual Libor + 3% p.a. with undefined maturity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$ contracts - Congonhas Min&#233;rios: interest equivalent to 110.79% of CDI p.a. maturing in January 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>(*) Other: Companhia Metal&#250;rgica Prada, Cia. Metalic Nordeste, Sepetiba Tecon and Companhia Brasileira de Latas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit or loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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



<TR>

   <TD width="28%"></TD>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=4 width="28%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Companies</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="35%" colSpan=7 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Revenues</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="35%" colSpan=7 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Expenses</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Sales</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Interest</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Exchange</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>differences</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Purchases</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Interest</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Exchange</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>differences</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands VIII Corp.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>43,297</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>433,599</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>476,896</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Portugal, Unipessoal Lda.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,514</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,514</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,727</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,741</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>41,468</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Europe Lda.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,505</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,505</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>466</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>466</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Resources S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>120,324</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>349,137</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>469,461</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Export Europe, S.L.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,785</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,785</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lusosider A&#231;os Planos, S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,486</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,486</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Handel GmbH</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>447,955</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31,458</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>479,413</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>International Investment Fund</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,565</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,709</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Ib&#233;ria Lda.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,083</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>559</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,642</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>647</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>647</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Companhia Metal&#250;rgica Prada</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>571,495</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>571,495</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,622</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,622</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Cimentos S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,774</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,774</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,724</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,724</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cia. Metalic Nordeste</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,755</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,755</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>352</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>352</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estanho de Rond&#244;nia S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,030</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Florestal Nacional S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,834</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,834</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sepetiba Tecon S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,339</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,339</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>596</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>596</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fundos Exclusivos</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>52,600</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>52,600</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,642</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,642</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transnordestina Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>102</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,194</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,296</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD>

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

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Energia S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>114,865</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>114,865</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Companhia Brasileira de Latas</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,692</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,692</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,318</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,318</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2012</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,197,709</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>63,628</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>93,793</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,355,130</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>171,507</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>237,247</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>818,042</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,226,796</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,284,188</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,365</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>313,667</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,606,220</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>50,725</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>385,855</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>28,174</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>464,754</FONT></B>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter60"></a><DIV><FONT face="times new roman">&nbsp;</FONT>

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<P style="TEXT-ALIGN: right">Page 52 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader61"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The main transactions carried out by the Company with its subsidiaries are sales and purchases of products and services, which include the supply of iron ore and steel, and the provision of port services.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>c)</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions with jointly controlled entities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s strategic areas of mining, logistics and energy maintain equity interests in companies under joint control. The characteristics, objectives and transactions with these companies are as follows. The consolidated information is presented according to the criteria set out in note 2.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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



<TR>

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

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

   <TD width="11%"></TD>

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

   <TD width="11%"></TD>

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

   <TD width="11%"></TD>

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

   <TD width="11%"></TD>

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

   <TD width="11%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="40%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="23%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="35%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="40%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Companies</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Trade</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>receivables</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Trade</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>receivables</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Dividends</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>receivable</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>72,195</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>72,195</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>180,487</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>622,004</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>802,491</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>127</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>127</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>190</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,403</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,593</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,675</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,675</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>72,322</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>72,322</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>180,677</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>702,082</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>882,759</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 12/31/2011</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="11%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>31,741</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="11%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>31,741</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="11%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>75,815</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="11%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>662,197</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="11%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>738,012</FONT></B>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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



<TR>

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

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

   <TD width="9%"></TD>

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

   <TD width="9%"></TD>

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

   <TD width="9%"></TD>

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

   <TD width="9%"></TD>

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

   <TD width="9%"></TD>

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

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="40%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="29%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="29%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="40%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Companies</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8px" vAlign=middle width="19%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other payables</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Trade payables</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="19%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other payables</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=4 width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Trade payables</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Advances from</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>customers</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Payables</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Advances from</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>customers</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Payables</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,320,973</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 6px" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,342</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,302,433</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,352</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD style="TEXT-INDENT: 6px" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,093</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right>&nbsp;</TD>

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

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,636</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica>Companhia Brasileira de Servi&#231;os </FONT><FONT size=1 face=Helvetica>e Infraestrutura</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,996</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,992</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,320,973</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6,435</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,001</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,302,433</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12,988</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="40%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 12/31/2011</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,270,663</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6px" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,966</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>7,085</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,176,658</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>15,845</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>10,618</FONT></B>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Nacional Min&#233;rios: The advance from customers received from jointly controlled entity Nacional Min&#233;rios S.A. refers to the contractual obligation for supply of iron ore and port services. The agreement is subject to interest rate of 12.5% p.a. and expires in September 2042.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS Log&#237;stica: We have recorded in other payables the amount accrued to cover contractual expenses for take or pay and block rates relating to the railroad transportation agreement. </FONT></P>

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<P style="TEXT-ALIGN: right">Page 53 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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

<a name="_bclHeader62"></a><DIV><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit or loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR>

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

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

   <TD width="7%"></TD>

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

   <TD width="7%"></TD>

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

   <TD width="7%"></TD>

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   <TD width="7%"></TD>

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

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="36%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="31%" colSpan=7 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="31%" colSpan=7 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="36%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Companies</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" vAlign=middle width="15%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Revenues</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Expenses</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" vAlign=middle width="15%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Revenues</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Expenses</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Sales</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Interest</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Purchases</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Interest</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Sales</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Interest</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Purchases</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Interest</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="36%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Nacional Min&#233;rios S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>229,993</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,190</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>197,599</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>574,983</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,976</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>493,997</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>MRS Log&#237;stica S.A.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

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

   <TD width="7%" align=right>&nbsp;</TD>

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

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>104,476</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

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

   <TD width="7%" align=right>&nbsp;</TD>

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

   <TD width="7%" align=right>&nbsp;</TD>

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

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>156,564</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="36%" align=left><FONT size=1 face=Helvetica>Companhia Brasileira de Servi&#231;os</FONT> <FONT size=1 face=Helvetica>e Infraestrutura</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,428</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,856</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>229,993</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>121,094</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>197,599</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>574,983</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>191,396</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>493,997</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="36%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2011</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>200,134</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>16,965</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>151,576</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>191,379</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>500,335</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>42,412</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>245,211</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>478,448</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The main transactions carried out by the Company with its jointly controlled entities are sales and purchases of products and services, which include the supply of iron ore, the provision of port services and railroad transportation, as well as the supply of electric power for operations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d) Other consolidated related parties</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CBS Previd&#234;ncia</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is the main sponsor of this non-profit entity established in July 1960, primarily engaged in the payment of benefits that supplement the official government Social Security benefits to participants. In its capacity as sponsor, CSN carries out transactions involving the payment of contributions and recognition of actuarial liabilities calculated in defined benefit plans, as detailed in note 28.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Funda&#231;&#227;o CSN</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company develops socially responsible policies concentrated today in Funda&#231;&#227;o CSN, of which it is the sponsor. The transactions between the parties relate to the operating and financial support for Funda&#231;&#227;o CSN to carry out the social projects undertaken mainly in the locations where the Company operates. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Banco Fibra</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Banco Fibra is under the control structure of Vicunha Siderurgia and the financial transactions carried out with this bank are limited to current account operations and investments in fixed-income securities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os is under the control of a Board member of the Company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Companhia de G&#225;s do Cear&#225;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>A natural gas distributor under the control structure of Vicunha Siderurgia.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The balances and transactions between the Company and these entities are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 54 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>I) Assets and liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=4 width="34%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Companies</FONT></B></TD>

   <TD vAlign=middle rowSpan=4 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="32%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Assets</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="32%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Liabilities</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Banks/short-term</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>investments</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Trade</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>receivables</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Actuarial</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>liabilities</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Trade</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>payables</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CBS Previd&#234;ncia (Nota 28)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,673</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Funda&#231;&#227;o CSN</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,504</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,504</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>166</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>166</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Fibra</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;<FONT size=1 face=Helvetica>72</FONT> </TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>72</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Usiminas</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,493</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,493</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right>&nbsp;</TD>

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

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Panatl&#226;ntica</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,387</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,387</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="34%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>72</FONT></STRONG> </TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>30,384</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>30,456</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>11,673</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>175</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>11,848</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="34%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 12/31/2011</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>72</FONT></STRONG> </TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>54,871</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>54,943</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>11,673</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>531</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12,204</FONT></B>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii) Profit or loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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



<TR>

   <TD width="35%"></TD>

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle rowSpan=7 width="35%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Companies</FONT></B></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="25%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Revenues</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="38%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Expenses</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="12%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Sales</FONT></B></TD>

   <TD vAlign=middle rowSpan=6 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="12%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD>

   <TD vAlign=middle rowSpan=6 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="12%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Pension</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>fund</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>expenses</FONT></B></TD>

   <TD vAlign=middle rowSpan=6 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="12%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Purchases/o</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>ther</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>expenses</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=6 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=6 width="12%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CBS Previd&#234;ncia</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left></TD>

   <TD bgColor=#f8f8f8 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left></TD>

   <TD bgColor=#f8f8f8 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,218</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left></TD>

   <TD bgColor=#f8f8f8 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,218</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Funda&#231;&#227;o CSN</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=left>&nbsp;</TD>

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

   <TD width="12%" align=left>&nbsp;</TD>

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

   <TD width="12%" align=left>&nbsp;</TD>

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

   <TD width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>842</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>842</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Usiminas</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>70,263</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>70,263</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,516</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,516</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Panatl&#226;ntica</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>134,516</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>134,516</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=left>&nbsp;</TD>

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

   <TD width="12%" align=left>&nbsp;</TD>

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

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,850</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Companhia de G&#225;s do Cear&#225;</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>987</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>987</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="35%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2012</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>204,779</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>204,779</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,218</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>7,195</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12,413</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="35%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total at 6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>353,387</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>353,387</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>31,005</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,727</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>39,732</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>e) Key management personnel</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The key management personnel, who have authority and responsibility for planning, directing and controlling the Company&#8217;s activities, include the members of the Board of Directors and the executive officers. The following is information on the compensation of such personnel and the related balances as of June 30, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="68%"></TD>

   <TD width="15%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" width="15%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>P&amp;L</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" width="15%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>P&amp;L</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Short-term benefits for employees and officers</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,403</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,473</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Post-employment benefits</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other long-term benefits</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Severance benefits</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Share-based compensation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>14,430</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>14,493</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>n/a &#8211; not applicable</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter63"></a><DIV><FONT face="times new roman">&nbsp;</FONT>

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<P style="TEXT-ALIGN: right">Page 55 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <TD vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader64"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>f) Policy on investments and payment of interest on capital and dividends&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>At a meeting held on December 11, 2000, the Board of Directors decided to adopt a profit distribution policy which, after compliance with the provisions contained in Law 6,404/76, as amended by Law 9,457/97, will entail the distribution of all the profit to the Company&#8217;s shareholders, provided that the following priorities are preserved, irrespective of their order: (i) carrying out the business strategy; (ii) fulfilling its obligations; (iii) making the required investments; and (iv) maintaining a healthy financial situation of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CASH AND CASH EQUIVALENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left></TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left></TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left></TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>

   <P style="MARGIN-LEFT: 8px"><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT></B>&nbsp;</P></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" bgColor=#f8f8f8 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Cash and banks</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>192,251</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>101,360</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>38,473</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>14,047</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f8f8f8 width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="42%" align=left>

   <P style="MARGIN-LEFT: 8px"><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short-term investments</FONT></B>&nbsp;</P></TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left></TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left></TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=left></TD>

   <TD bgColor=#f8f8f8 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>In Brazil:</FONT></B>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Exclusive investment funds</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>433,846</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,207,318</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investment funds (*)</FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,033</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>747,001</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Government bonds</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>185,689</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>646,594</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Private securities and debentures (**)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,307,387</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,017,019</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,919</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60,363</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,493,076</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,663,613</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>566,798</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,014,682</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Abroad:</FONT></B>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Time deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,005,151</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,652,420</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,961,298</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>44,515</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total short-term investments</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>13,498,227</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>15,316,033</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,528,096</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,059,197</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>13,690,478</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>15,417,393</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,566,569</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,073,244</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The funds available in the Company and subsidiaries set up in Brazil are basically invested in exclusive investment funds, with repurchase agreements backed by Brazilian government bonds with immediate liquidity. In addition, a significant part of the funds of the Company and its foreign subsidiaries is invested in time deposits with leading banks. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The exclusive funds managed by BTG Pactual Servi&#231;os Financeiros S.A. DTVM and their assets collateralize possible losses on investments and transactions carried out. The funds&#8217; unit holders also guarantee the funds&#8217; equity in the event of losses arising from changes in interest and exchange rates, or other financial assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) &nbsp;&nbsp; Investment funds: </FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>the &#8220;V&#233;rtice&#8221; investment fund&#8217;s portfolio is administered and managed by Caixa Econ&#244;mica Federal (CEF).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(**) &nbsp; Private securities:</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> short&#8211;term investments in consolidated amounting to R$</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1,251,135 </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>as of June 30, </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2012 </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(R$</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1,952,274 </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>as of December 31, 2011) and in Company amounting to R$64,919 and R$</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>60,363</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>, respectively, backed by Bank Certificates of Deposit, which yield pegged to the Interbank Certificates of Deposit rate (CDI).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 19.85pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Debentures</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>: investments in consolidated amounting to R$56,252 as of June 30, 2012 (R$64,745 as of December 31, 2011), of jointly controlled entity MRS, which yield pegged to the Interbank Certificates of Deposit rate (CDI).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 56 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader65"></a><DIV><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>6.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TRADE RECEIVABLES </FONT></B></P>

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   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

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   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Trade receivables</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Third parties</FONT></B>&nbsp;</P></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>971,432</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>950,388</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>526,671</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>675,297</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5px" width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>733,443</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>701,807</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,060</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,869</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Allowance for doubtful debts</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(120,657)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(124,939)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(94,689)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(101,407)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,584,218</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,527,256</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>445,042</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>578,759</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Related parties (Note 4 - b and c)</FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>72,322</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>31,741</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>644,746</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,065,167</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,656,540</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,558,997</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,089,788</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,643,926</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other receivables</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends receivable (Note 4 - b and c)</FONT>&nbsp;</P></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>714,567</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>676,242</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Loans to subsidiaries and jointly controlled entities</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>87,330</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,557</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,452</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>163,248</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>134,884</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>55,652</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,662</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,384</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>222,214</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>57,209</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>751,681</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>872,874</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,878,754</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,616,206</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,841,469</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,516,800</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In order to meet the needs of some customers in the domestic market, related to the extension of the payment term for billing of steel, in common agreement with CSN&#8217;s internal commercial policy and maintenance of its very short-term receipts (up to 14 days), at the request of the customer, transactions are carried out for assignment of receivables without co-obligation negotiated between the customer and banks with common relationship, where CSN assigns the trade notes/bills that it issues to the banks with common relationship.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Due to the characteristics of the transactions for assignment of receivables without co-obligation, after assignment of the customer&#8217;s trade notes/bills and receipt of the funds from the closing of each transaction, CSN settles the trade receivables and becomes entirely free of the credit risk on the transaction. This transaction totals R$353,096 as of June 30, 2012 (R$262,367 as of December 31, 2011), less the trade receivables.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The changes in the Company&#8217;s allowance for doubtful debts are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Opening balance</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(124,939)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(117,402)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(101,407)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(99,023)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Allowance for losses on trade receivables</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,970)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(20,005)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,062)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,628)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recovery of receivables</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,252</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,468</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,780</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,244</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Closing balance</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(120,657)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(124,939)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(94,689)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(101,407)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 57 of 117</P>

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   <TD vAlign=top width="100%" colSpan=2>

   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader66"></a><DIV><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>7.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVENTORIES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Finished products</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,125,940</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>997,128</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>862,952</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>714,688</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Work in process</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>725,351</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>776,918</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>620,073</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>680,997</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Raw materials</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>754,275</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>847,598</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>570,261</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>693,155</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Storeroom supplies</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>945,118</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>897,940</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>761,462</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>724,529</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Iron ore</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>142,586</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>215,400</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,204</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>72,248</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,693,270</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,734,984</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,835,952</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,885,617</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Changes in the allowance for inventory losses are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Opening balance</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(83,145)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(64,115)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(77,814)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(61,702)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Allowance for obsolete or slow-moving inventories</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,283)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(19,030)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(16,110)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(16,112)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Closing balance</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(100,428)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(83,145)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(93,924)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(77,814)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Allowances for certain items considered obsolete or slow-moving were recognized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of June 30, 2012, the Company has long-term iron ore inventories amounting to R$144,483, classified in other non-current assets (R$144,483 as of December 31, 2011), as described in note 10.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>8.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER CURRENT ASSETS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The group of other current assets is comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Unrealized gains on derivatives (Note 15 I)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,747</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>55,115</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Guarantee margin on derivatives (Note 15 V)</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>387,567</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>407,467</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,088</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,135</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,082</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,834</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recoverable taxes (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>656,382</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>689,006</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>393,824</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>400,458</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,102,784</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,175,723</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>421,906</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>411,292</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;<FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Refer mainly to income tax and social contribution for offset, State VAT (ICMS), Federal VAT (IPI), Social security funding tax on revenue (COFINS) and social integration program tax on revenue (PIS).</FONT></P>

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<P style="TEXT-ALIGN: right">Page 58 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader67"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INCOME TAX AND SOCIAL CONTRIBUTION </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(a)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution recognized in profit or loss:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The income tax and social contribution recognized in profit or loss for the period are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Income tax and social contribution income/(expenses)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(109,037)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(110,247)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 4px" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(58,488)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,717</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Deferred</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>836,541</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(294,153)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>781,445</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(351,822)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>727,504</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(404,400)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>722,957</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(349,105)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Income tax and social contribution income/(expenses)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="2%" align=right></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,890)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right>&nbsp;</TD>

   <TD width="2%" align=right></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,339</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Deferred</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>929,664</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(191,408)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>814,383</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(293,588)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>929,664</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(209,298)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>814,383</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(251,249)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 59 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <TD vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader68"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The reconciliation of Company and consolidated income tax and social contribution expenses and income and the result from applying the effective rate on profit before income tax (IRPJ) and social contribution (CSLL) are as follows:</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Profit before income tax and social contribution</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,683,310)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,157,257</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,771,398)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,486,267</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax rates</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Income tax and social contribution at combined statutory rate</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>572,325</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(733,467)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>602,275</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(505,331)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Adjustment to reflect effective rate:</FONT></B>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 9px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest on capital benefit</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,912</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74,352</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,727</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34,568</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 9px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income subject to special tax rates or untaxed</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>401,129</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>430,265</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>400,949</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>306,689</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 9px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax incentives</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>517</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,379</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>497</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>452</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 9px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Adjustments arising from Law 11,941 and MP 470 installment plans</FONT>&nbsp;</P></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,304</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,304</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 9px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sale of nondeductible securities</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(186,483)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(186,483)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 9px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax loss carryforwards without recognizing deferred taxes</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(54,239)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(32,113)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 9px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Impairment of available-for-sale security</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(264,441)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(264,441)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="42%" align=left>

   <P style="MARGIN-LEFT: 9px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other permanent deductions (additions)</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,699)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,750)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(24,937)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(15,304)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Income tax and social contribution in profit (loss) for the period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>727,504</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(404,400)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>722,957</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(349,105)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Effective tax rate</FONT></B>&nbsp;</TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>-43%</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>19%</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>-41%</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>23%</FONT></B>&nbsp;</TD></TR>

<TR height=20>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD width="13%" align=left></TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left></TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left></TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

<TR height=20>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD width="13%" align=left></TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left></TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left></TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B></TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Profit before income tax and social contribution</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,851,330)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,965,301</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,846,743)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,389,733</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=center>

   <P style="MARGIN-LEFT: 10px" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax rates</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Income tax and social contribution at combined statutory rate</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>629,452</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(668,202)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>627,893</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(472,509)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Adjustment to reflect effective rate:</FONT></B>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest on capital benefit</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,912</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74,352</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,727</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34,568</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Share of profits of investees</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>170,836</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>524,818</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>107,427</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>341,307</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax incentives</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,655</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(272)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Adjustments arising from Law 11,941 and MP 470 installment plans</FONT>&nbsp;</P></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,088</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,088</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sale of nondeductible securities</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(146,928)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(146,928)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other permanent deductions (additions)</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48,464</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,081)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>38,336</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(23,503)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Income tax and social contribution in profit (loss) for the period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>929,664</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(209,298)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>814,383</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(251,249)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Effective tax rate</FONT></B>&nbsp;</TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>-50%</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>11%</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>-44%</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>18%</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Deferred income tax and social contribution:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The deferred income tax and social contribution are calculated on income tax and social contribution loss carryforwards and related temporary differences between the tax bases of assets and liabilities and the accounting balances of the interim financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 60 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

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   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Deferred tax assets</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income tax loss carryforwards</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>706,067</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>425,406</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>554,794</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>392,991</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Social contribution loss carryforwards</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>200,287</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>157,858</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>200,039</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>141,445</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="42%" align=left>

   <P style="MARGIN-LEFT: 7px"><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Temporary differences</FONT></B>&nbsp;</P></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,584,397</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,257,509</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,295,932</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>766,214</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Provisions for tax, social security, labor and civil risks</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>313,827</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>211,835</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>300,356</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>200,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Allowance for asset impairment losses</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48,263</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60,930</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,734</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,544</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Allowance for inventory losses</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,814</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>35,835</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,048</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Gains/losses on financial instruments</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>449,493</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>253,985</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>449,493</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>192,226</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Accrued pension plan payments</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,066</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,066</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,297</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,297</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Provision for interest on capital</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,976</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,976</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Allowance for long-term sales</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,221</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,221</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,221</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,221</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Accrued supplies and services</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,368</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,445</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58,716</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,689</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Allowance for doubtful debts</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34,193</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45,342</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,051</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>41,854</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Goodwill on merger</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>173,854</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>371,153</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,718</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,406</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Unrealized exchange differences (*)</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>129,091</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>123,362</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Other</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>83,139</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>70,644</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,173</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45,630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 7px"><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Non-current assets</FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,490,751</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,840,773</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,050,765</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,300,650</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Deferred tax liabilities</FONT></B>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Business combination</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>126,339</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,960</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" width="42%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Other</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>36,095</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,891</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Non-current liabilities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>162,434</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>37,851</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) In 2012, the Company opted for taxing foreign exchange differences on a cash basis to calculate income tax and social contribution.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Related to a sole jurisdiction, thus presented at net amounts. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Some Group companies recognized tax credits on income tax and social contribution loss carryforwards not subject to statute of limitations and based on the history of profitability and expected future taxable profits determined in technical studies approved by Management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Since they are subject to significant factors that may change the projections for realization, the carrying amounts of deferred tax assets are reviewed quarterly and projections are reviewed annually. These studies indicate the realization of these tax assets within the term stipulated by the mentioned instruction and the limit of 30% of the taxable profit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Certain CSN subsidiaries have tax assets amounting to R$727,249 and R$180,276, related to income tax and social contribution loss carryforwards, for which no deferred taxes were set up, of which R$10,231 expire in 2013, R$732 in 2014, R$29,429 in 2015, R$11,151 in 2022, R$33,061 in 2023, R$39,151 in 2024, R$95,148 in 2025, R$16,299 in 2026, and R$1,928 in 2027. The remaining tax assets refer to domestic companies and, therefore, are not subject to statute of limitations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The tax benefit of goodwill of Nacional Min&#233;rios S.A., which arose on the merger of Big Jump in July 2009, amounted to R$1,391,858. Up to June 30, 2012 a total amount of R$811,918 (R$672,732 up to 2011) had been realized, leaving a remaining amount of R$579,940, which will be realized through 2014. The realization will amount to R$139,186 from July to December 2012, R$278,372 in 2013 and R$162,382 in 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader70"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The undistributed profits of the Company&#8217;s foreign subsidiaries have been invested and will continue to be indefinitely invested in their operations. These undistributed profits of the Company&#8217;s foreign subsidiaries amounted to R$7,813,301 as of June 30, 2012 (R$8,033,902 as of December 31, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(c)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution recognized in equity:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The income tax and social contribution recognized directly in equity are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Income tax and social contribution</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="42%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial gains on defined benefit pension plan</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,714</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,714</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,651</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,651</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="42%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Changes in the fair value on available-for-sale financial assets</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(218)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>241,484</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(218)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>179,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="42%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Exchange differences on translating foreign operations</FONT>&nbsp;</P></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(425,510)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(425,510)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(425,510)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(425,510)</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(d)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tax incentives </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company enjoys Income Tax incentives based on the legislation in effect, such as: Worker Food Program, the Rouanet Law (tax incentives related to cultural activities), Tax Incentives for Audiovisual Activities, and Funds for the Rights of Children and Adolescents. As of June 30, 2012, these tax incentives total R$848 (R$1,914 as of December 31, 2011). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>10.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER NON-CURRENT ASSETS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The group of other non-current assets is comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Judicial deposits</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>988,705</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>954,711</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>898,250</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>877,672</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Credits with the PGFN (*)</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>820,023</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>806,103</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>820,023</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>806,103</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recoverable taxes (**)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>275,809</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>257,977</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>117,037</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>101,859</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>103,102</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>115,853</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,070</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Unrealized gains on derivatives (Note 15 I)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>363,851</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>376,344</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>357,327</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>374,455</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Iron ore inventories</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,483</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,483</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,483</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,483</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Northeast Investment Fund - FINOR</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,914</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>47,754</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,452</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>46,292</FONT>&nbsp;</TD></TR>

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   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>129,138</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>163,001</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,701</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,818</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,835,025</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,866,226</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,399,343</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,416,242</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Refers to the excess judicial deposit originated by the 2009 REFIS (Tax Debt Refinancing Program) as described in note 17.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(**) Refers mainly to taxes on revenue (PIS/COFINS) and State VAT (ICMS) on the acquisition of fixed assets which will be recovered over a 48-month period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>11.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVESTMENTS</FONT></B></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="16%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="48%" colSpan=13 align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">6/30/2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></FONT></FONT></FONT></FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">6/30/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="27%" colSpan=7 align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=5 width="16%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Companies</FONT></B></TD>

   <TD vAlign=bottom rowSpan=5 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=4 width="13%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Number of shares</FONT></B><BR><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(in units)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom rowSpan=4 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=5 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><BR><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Direct</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><BR><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">interest</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom rowSpan=5 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=5 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Profit</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><BR><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(loss)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><BR><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">for the</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><BR><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">period</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom rowSpan=5 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=5 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Assets</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom rowSpan=5 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=5 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Liabilities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom rowSpan=5 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=5 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Equity</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom rowSpan=5 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=5 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Profit</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><BR><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(loss)</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><BR><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">for the</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><BR><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">period</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom rowSpan=5 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=5 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">%</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><BR><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Direct</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT><BR><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">interest</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom rowSpan=5 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=5 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Assets</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom rowSpan=5 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=5 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Liabilities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom rowSpan=5 width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=5 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Equity</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=bottom width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Common</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Preferred</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Islands VII Corp.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">20,001,000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">19,600</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">4,500,495</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">4,455,428</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">45,067</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(3,720)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">407,707</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">382,240</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">25,467</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Islands VIII Corp.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,501,000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(1,946)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,513,983</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,472,728</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">41,255</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(100)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,452,511</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,409,311</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">43,200</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Islands IX Corp.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,000,000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">30</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">846,337</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">845,048</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,289</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,359</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">786,167</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">784,908</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,259</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Islands X Corp.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(3,565)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">58</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">44,400</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(44,342)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,930</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">70</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">40,847</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(40,777)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Islands XI Corp.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">50,000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">299</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,549,698</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,542,873</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">6,825</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(484)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,438,225</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,431,699</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">6,526</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Islands XII Corp.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,540</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(73,176)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,807,973</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,020,280</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(212,307)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(43,626)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,735,094</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,874,226</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(139,132)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Tangua Inc.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,794</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(1,306)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">23,983</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">23,983</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">International Investment Fund</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">50,000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(1,101)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">104</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">104</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">9,856</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">39,565</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">24,265</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">15,300</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Minerals S. L.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">131,649,926</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">633,623</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,538,751</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,345</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,537,406</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">939,093</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,906,449</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,666</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,903,783</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Export Europe, S.L.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">35,924,748</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">58,553</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">761,769</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">504</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">761,265</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">162,183</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">802,447</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99,735</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">702,712</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Metals S.L.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">256,951,582</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">94,603</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,235,979</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">124</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,235,855</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(38,294)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,147,456</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">6,682</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,140,774</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Americas S.L.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">151,877,946</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">220,100</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,619,254</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">10,497</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,608,757</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">231,941</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,394,255</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">5,598</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,388,657</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Steel S.L.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">454,072,527</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(126,960)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,299,569</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">348,293</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,951,276</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(186,085)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">100.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">4,042,029</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">268,566</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,773,463</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Sepetiba Tecon S.A.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">254,015,053</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">11,545</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">239,585</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">29,958</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">209,627</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">13,720</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">224,793</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">26,711</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">198,082</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Minera&#231;&#227;o Nacional S.A.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,000,000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">35</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,123</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">21</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,102</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">44</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,090</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">23</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,067</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN A&#231;os Longos S. A.(*)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(334)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Florestal Nacional S.A.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">15,474,625</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(437,904)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">206,916</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">722,344</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(515,428)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(30,073)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">386,218</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">681,574</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(295,356)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Estanho de Rond&#244;nia S.A.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">34,236,307</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">51</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">42,650</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">12,825</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">29,825</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">9,531</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">41,692</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">11,918</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">29,774</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Cia Metalic Nordeste</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">92,293,156</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">848</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">157,891</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">40,708</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">117,183</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">9,137</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">156,915</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">40,579</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">116,336</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Companhia Metal&#250;rgica Prada</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,877,929</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(173,655)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">681,860</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">523,686</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">158,174</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(112,861)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">527,885</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">276,475</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">251,410</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Cimentos S.A.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,589,478,498</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(327,175)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,015,446</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">158,827</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">856,619</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(956)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,221,115</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">157,207</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,063,908</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">INAL Nordeste S. A.(*)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(3,595)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Congonhas Min&#233;rios S.A.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">64,610,863</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(17,113)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,991,449</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,009,760</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(18,311)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(10,790)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,014,364</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,015,562</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(1,198)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN Energia S.A.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">26,123</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(11,717)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">18,612</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">14,087</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">4,525</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(4,211)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">99.99</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">30,042</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">13,800</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">16,242</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Transnordestina Log&#237;stica S.A.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,090,108,347</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">819,318,354</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">73.70</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(29,008)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">4,715,322</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,944,014</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,771,308</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(18,449)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">70.91</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">4,076,080</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,516,299</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,559,781</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Nacional Min&#233;rios S.A.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">475,067,405</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">60.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">978,346</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">15,187,882</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,036,451</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">13,151,431</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,050,060</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">60.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">13,857,646</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,684,561</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">12,173,085</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">It&#225; Energ&#233;tica S.A.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">520,219,172</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">48.75</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">45,245</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">818,934</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">148,206</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">670,728</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">30,510</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">48.75</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">801,335</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">162,812</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">638,523</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">MRS Log&#237;stica S.A.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">188,332,687</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">151,667,313</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">27.27</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">178,097</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">5,781,770</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,430,064</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,351,706</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">269,823</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">27.27</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">5,542,786</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,243,844</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,298,942</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="16%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura<FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"> </FONT></FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,752,292</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">50.00</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">(561)</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">8,563</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">7,250</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,313</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;<FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Merger of CSN A&#231;os Longos on January 28, 2011 and Inal Nordeste on May 30, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The number of shares, the balances of assets, liabilities and equity, and the amounts of profit or loss for the period refer to 100% of the companies&#8217; performance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 63 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>&nbsp;</FONT><B>&nbsp;</B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader72"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in investments in subsidiaries and jointly controlled entities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="68%"></TD>

   <TD width="15%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Opening balance of investments</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>22,573,890</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>17,023,295</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Opening balance of impairment loss allowance</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(476,463)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(140,875)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Capital increase/acquisition of shares</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>363,566</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,240,582</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Capital reduction</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,829,431)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(54,190)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(853,316)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Share of profits of investees</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>507,121</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,397,137</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Comprehensive income (*)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(162,960)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,281,507)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Merger of subsidiary (**)</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(290,789)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(27,502)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Closing balance of investments</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>21,684,420</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>22,573,890</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Closing balance of impairment loss allowance</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(790,389)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(476,463)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Refers to the mark-to-market of investments classified as available-for-sale and the translation into the presentation currency, and, as described in Note 11.f), in 2011 the Company disposed of its interest in Riversdale;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(**) Merger of CSN A&#231;os Longos on January 28, 2011 and Inal Nordeste on May 30, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Additional information on the main operating subsidiaries</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SEPETIBA TECON </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>It is engaged in operating Container Terminal No. 1 of the Itagua&#237; Port, located in Itagua&#237;, State of Rio de Janeiro. The terminal is connected to UPV by the Southeast railroad network, the concession of which is granted to MRS Log&#237;stica. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The services provided are handling and storage of containers, steel products and cargo in general, among other products and services related to container washing, maintenance and sanitization.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ESTANHO DE ROND&#212;NIA - ERSA</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Headquartered in the State of Rond&#244;nia, this subsidiary operates two units, one in the city of Itapu&#227; do Oeste and the other one in the city of Ariquemes. In Itapu&#227; do Oeste, where the mining business unit is based, it mines cassiterite (tin ore) while in Ariquemes it operates a foundry to obtain metallic tin, the raw material used by UPV for the production of tin plates. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CIA. METALIC NORDESTE</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Headquartered in Maracana&#250;, State of Cear&#225;, it is engaged in manufacturing metal containers basically sold to beverage industry. Its production is mainly sold in Brazil&#8217;s North and Northeastern market, and the lid surplus is sold in the foreign market. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Its operating unit has two different production lines: Cans, using as raw material tine-coated steel supplied by the parent company and Lids, using as raw material aluminum.&nbsp; </FONT></P>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COMPANHIA METAL&#218;RGICA PRADA </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Steel containers</FONT></I></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Companhia Metal&#250;rgica Prada is engaged in the manufacture and sale of steel containers, producing the best and safest cans, pails and spray cans. It supplies containers and lithography services to the main companies in the chemical and food industries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On July 12, 2011, Companhia Metal&#250;rgica Prada conducted a capital increase in Companhia Brasileira de Latas (&#8220;CBL&#8221;) through the capitalization of debentures and other receivables. As a result, Companhia Metal&#250;rgica Prada became the holder of CBL&#8217;s control, with an equity interest equivalent to 59.17% of its voting capital.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Companhia Brasileira de Latas is engaged in the manufacturing of steel containers supplied to the main companies in the chemical and food industries. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Distribution</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Distribution unit is engaged in the processing and distribution of steel sheet and plates and has a diversified product line. It supplies spools, rolls, plates, stripes, blanks, metal sheets, shapes, tubes, tiles, and other products to different manufacturing industries, from automotive to construction. It is also specialized in providing steel processing services, meeting the demand from nationwide companies. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN CIMENTOS </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Headquartered in Volta Redonda, State of Rio de Janeiro, it is engaged in the production and sale of cement and uses as one of its raw materials the blast furnace slag from the pig iron production of UPV. CSN Cimentos started to operate on May 14, 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>At the beginning of 2011, CSN Cimentos started manufacturing clinker in its Arcos plant, in Minas Gerais. In January 2012, CSN acquired the trading unit of CSN Cimentos in Arcos, MG. As a result, the clinker plant is now a branch of CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN ENERGIA </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>It is primarily engaged in the distribution and sale of electric power surpluses generated by CSN and companies, consortiums or other ventures in which the Company holds equity interests.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>TRANSNORDESTINA LOG&#205;STICA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>It is primarily engaged in the operation and development of the railroad freight transportation public service in the Northeast of Brazil network. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of June 30, 2012, CSN held 73.70% of the Company&#8217;s share capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Investments in jointly controlled entities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The balances of the balance sheets and income statements of the companies under shared control are stated below and have been consolidated into the Company&#8217;s financial statements according to the percentage equity interests described in item (b) of note 2. </FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=5 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=5 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 15px" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Nacional</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 4px" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>It&#225;</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 15px" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>MRS</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 15px" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Nacional</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 4px" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>It&#225;</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>MRS</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 15px" width="34%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Balance sheet</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Min&#233;rios (*)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Energ&#233;tica</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Log&#237;stica</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Min&#233;rios (*)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Energ&#233;tica</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Log&#237;stica</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#f8f8f8 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current assets</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,586,517</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,895</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>921,766</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,155,543</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,729</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>917,291</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-current assets</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,504,140</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>718,039</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,860,004</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,526,804</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>719,606</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,625,495</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" bgColor=#f8f8f8 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Long-term receivables</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,347,077</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60,191</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>345,026</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,422,434</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>44,239</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>336,439</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investments, PP&amp;E and intangible assets</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,157,063</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>657,848</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,514,978</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,104,370</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>675,367</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,289,056</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="34%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total assets</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>15,090,657</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>818,934</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,781,770</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>13,682,347</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>801,335</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,542,786</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f8f8f8 width="100%" colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current liabilities</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,672,505</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>112,049</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,176,743</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,260,068</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,175</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,108,938</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-current liabilities</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>330,155</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>36,157</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,253,321</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>307,352</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>62,637</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,134,906</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,087,997</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>670,728</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,351,706</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,114,927</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>638,523</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,298,942</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total liabilities and equity</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>15,090,657</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>818,934</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,781,770</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>13,682,347</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>801,335</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,542,786</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="34%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=5 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=5 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="TEXT-INDENT: 15px" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Nacional</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 3px" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>It&#225;</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 15px" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>MRS</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Nacional</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 3px" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>It&#225;</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 15px" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>MRS</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="34%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Income statements</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Min&#233;rios (*)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Energ&#233;tica</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Log&#237;stica</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Min&#233;rios (*)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Energ&#233;tica</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Log&#237;stica</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Net revenue</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,812,046</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>127,178</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,443,031</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,692,674</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>119,292</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,356,921</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of sales and services</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,303,139)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(32,101)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(972,397)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(967,163)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(39,273)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(785,410)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Gross profit</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>508,907</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>95,077</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>470,634</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>725,511</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,019</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>571,511</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Operating (expenses) income</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(177,801)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(25,006)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(126,564)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(33,044)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(26,411)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(72,078)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Finance income (costs), net</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>792,959</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,536)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(70,858)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>559,670</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,372)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(81,187)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Profit before income tax and social contribution</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,124,065</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,535</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>273,212</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,252,137</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>46,236</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>418,246</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="34%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current and deferred income tax and social contribution</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(150,995)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(23,290)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(95,115)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(218,968)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(15,726)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(148,423)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Profit for the period</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>973,070</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>45,245</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>178,097</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,033,169</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>30,510</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>269,823</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Refer to the consolidated balances and profit or loss of Nacional Min&#233;rios S. A. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>NACIONAL MIN&#201;RIOS &#8211; NAMISA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Headquartered in Congonhas, State of Minas Gerais, this company is primarily engaged in the production, purchase and sale of iron ore and is mainly focused on foreign markets for sale of its products. Its major operations are carried out in the cities of Congonhas, Ouro Preto, Itabirito and Rio Acima, in the State of Minas Gerais, and in Itagua&#237;, in the State of Rio de Janeiro.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN holds and consolidates proportionately 60% of Namisa. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>IT&#193; ENERG&#201;TICA S.A. - ITASA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Itasa is a corporation originally created to carry out the construction of the It&#225; hydroelectric power plant: contracting for the supply of goods and services necessary to carry out the project and raising funds, including posting the corresponding guarantees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN holds 48.75% of Itasa&#8217;s share capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS LOG&#205;STICA </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This subsidiary is engaged in providing public railroad freight transportation services, on the basis of an onerous concession agreement, on the tracks of the Southeast Network, located between the cities of Rio de Janeiro, S&#227;o Paulo </FONT>


<FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>and Belo Horizonte, previously belonging to Rede Ferrovi&#225;ria Federal S.A.- RFFSA, which was privatized on September 20, 1996. </FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 2008 CSN transferred to Nacional Min&#233;rios S.A. ("Namisa") in the form of a capital contribution a 10% equity interest of MRS. With this, its direct interest in MRS&#8217;s share capital previously of 32.93% decreased to 22.93% plus a 6% indirect interest held through Namisa, a proportionately consolidated subsidiary.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In addition to this direct interest, in 2010 CSN held an indirect interest of 4.34% through International Investment Fund (IIF). In December 2011, the Company acquired all the shares held by IIF.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of March 31, 2012 the Company held a 27.27% direct interest and a 6% indirect interest in MRS&#8217;s share capital.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>CONS&#211;RCIO DA USINA HIDREL&#201;TRICA DE IGARAPAVA</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Igarapava Hydroelectric Power Plant is located in Rio Grande, in the city of Conquista, MG, with installed capacity of 210 MW. It consists of 5 bulb type generating units and is considered a major mark for power generation in Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN holds 17.92% of investment in the consortium, whose specific purpose is the distribution of electric power, which is made according to the percentage equity interest of each company.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The balance of property, plant and equipment less depreciation as of June 30, 2012 is R$30,584 (R$31,751 as of December 31, 2011) and the amount of the expense attributable to CSN is RR$2,880 (R$3,378 as of June 30, 2011).</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>COMPANHIA BRASILEIRA DE SERVI&#199;OS DE INFRAESTRUTURA</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>In December 2011, CSN subscribed to 1,876,146 common shares, corresponding to 50% of the capital of CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura (&#8220;CBSI&#8221;). </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The investment is the result of a joint venture between CSN and CKLS Servi&#231;os Ltda. Based in the city of Arauc&#225;ria, PR, CBSI is primarily engaged in providing services to subsidiaries, associates, controlling companies and third-party entities, and can operate activities related to the refurbishment and maintenance of industrial machinery and equipment, construction maintenance, industrial cleaning, logistic preparation of products, among other activities. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#1f497d face=arial,sans-serif>&nbsp;&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>e)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Additional information on indirect interests held abroad</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>COMPANHIA SIDERURGICA NACIONAL &#8211; LLC (&#8220;CSN LLC&#8221;)</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Incorporated in 2001 with the assets and liabilities of the liquidated Heartland Steel Inc., headquartered in Wilmington, State of Delaware, USA, it has an industrial plant in Terre Haute, State of Indiana, USA, where there is a complex comprising a cold rolling line, a hot pickling line for spools and a galvanization line. CSN LLC is a wholly-owned indirect subsidiary of CSN Americas, a subsidiary of CSN.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>LUSOSIDER</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Incorporated in 1996 in succession to Siderurgia Nacional - a company privatized by the Portuguese government that year, Lusosider is the only Portuguese steel company to produce cold-re-rolled flat steel, with a corrosion-resistant coating. The company provides in Paio Pires an installed capacity of around 550,000 metric tons per year to produce four large groups of steel products: galvanized plate, cold-rolled plate, pickled and oiled plate. Products manufactured by Lusosider may be used in the packaging industry, civil construction (pipes and metallic structures), and in home appliance components.</FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader76"></a><DIV><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>STAHLWERK TH&#220;RINGEN GMBH (SWT)</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On January 31, 2012, through its wholly-owned subsidiary CSN Steel S.L.U., CSN acquired the company Stahlwerk Th&#252;ringen Gmbh, as mentioned in note 3.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stahlwerk Th&#252;ringen Gmbh was incorporated in 1992, from the discontinued Maxh&#252;tte steel industrial complex, in Unterwellenborn, Germany, and produces steel shapes for construction, in accordance with international quality standards. It main raw material is steel scrap and its installed capacity is 1.1 million metric tons of steel/year. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>f)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other investments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>RIVERSDALE MINING LIMITED - Riversdale&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On April 20, 2011, the Company adhered to the tender offer of Riversdale Mining Limited (&#8220;Riversdale&#8221;) shares conducted by Rio Tinto. Therefore, the Company sold 100% of its equity interest held in Riversdale&#8217;s share capital, corresponding to 47,291,891 shares of the price of A$16.50 per share, totaling A$780,316.</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PANATL&#194;NTICA</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On January 5, 2010, the Company&#8217;s Board of Directors approved the acquisition of common shares representing 9.39% of the capital stock of Panatl&#226;ntica S.A., a publicly-held company, headquartered in the city of Gravata&#237;, State of Rio Grande do Sul, engaged in the manufacturing, trade, import, export and processing of steel and ferrous or non-ferrous metals, coated or not. This investment is carried at fair value.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN currently holds 9.40% of Panatl&#226;ntica&#8217;s total share capital.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>USIMINAS</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; USIMINAS ("USIMINAS")</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=blue face=arial,sans-serif>,&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> headquartered in Belo Horizonte, State of Minas Gerais, is engaged in steel and related operations. USIMINAS produces flat rolled steel in the Intendente C&#226;mara and Jos&#233; Bonif&#225;cio de Andrada e Silva plants, located in Ipatinga, Minas Gerais, and Cubat&#227;o, S&#227;o Paulo, respectively, to be sold in the domestic market and also for exports. It also exploits iron ore mines located in Ita&#250;na, Minas Gerais, to meet its verticalization and production cost optimization strategies. USIMINAS also has service and distribution centers located in several regions of Brazil, and the Cubat&#227;o, S&#227;o Paulo, and Praia Mole, Esp&#237;rito Santo, ports, as well as in locations strategic for the shipment of its production.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011, the Company reached holdings of 11.97% in common shares and 20.14% in preferred shares of Usiminas' share capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>USIMINAS is listed on the S&#227;o Paulo Stock Exchange (&#8220;Bovespa&#8221;: USIM3 and USIM5).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The breakdown of consolidated investments is as follows:</FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Panatl&#226;ntica</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,591</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Usiminas</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,205,455</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,077,277</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,486</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,082)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,218,532</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,088,225</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROPERTY, PLANT AND EQUIPMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="38%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="38%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" colSpan=13 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Land</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Buildings</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Mach., equip.</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>and facilities</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Furniture</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>and fixtures</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Construction</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>in progress</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other (*)</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="38%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Balance as of December 31, 2011</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>194,584</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,455,120</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>7,624,955</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>33,402</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>7,056,319</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,012,696</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>17,377,076</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect of foreign exchange differences</FONT>&nbsp;</P></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,631</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,314</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>66,079</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>377</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>129</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,769</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79,299</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Acquisition through business combination</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,814</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>85,578</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>837,363</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,909</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,080</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,087</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>963,831</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</P></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,558,548</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,558,548</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Capitalized interest</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>202,807</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>202,807</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Write-offs</FONT>&nbsp;</P></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(39)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,470)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(26)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(740)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(125)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,400)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(25,757)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(504,853)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,959)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(42,609)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(576,178)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Reversal of allowance for loss on asset disposal</FONT>&nbsp;</P></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,711)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,711)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transfers to other asset categories</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,395</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>73,213</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>436,219</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,407</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(545,403)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,169</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transfers to intangible assets</FONT>&nbsp;</P></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>92</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,290)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(787)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,985)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(22)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,601</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,155</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,933)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,801</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Balance as of June 30, 2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>225,424</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,596,407</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,463,986</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>39,110</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,290,605</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>995,556</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>19,611,088</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=14>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="62%" colSpan=13 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Land</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Buildings</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Mach., equip.</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>and facilities</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Furniture</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>and fixtures</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Construction</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>in progress</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other (*)</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="38%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Balance as of December 31, 2011</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>102,673</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>804,309</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,845,184</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>25,313</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,140,332</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>330,034</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>10,247,845</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</P></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,099,287</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,099,287</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Capitalized interest</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,711</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,711</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Write-offs</FONT>&nbsp;</P></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(82)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(94)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(14,477)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(423,996)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,248)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,391)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(447,112)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transfers to other asset categories</FONT>&nbsp;</P></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>995</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,348</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>374,929</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,491</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(555,885)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,122</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transfers to intangible assets</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(837)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(837)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 10px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(22)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,199</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,181</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,535)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,823</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="38%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Balance as of June 30, 2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>103,668</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>934,158</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,802,234</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>25,544</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,838,789</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>347,230</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>11,051,623</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) In consolidated, refer basically to railway assets, such as yards, tracks and railway sleepers.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif> In Company, it also includes leasehold improvements, vehicles, hardware, mines and fields and replacement storeroom supplies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The breakdown of the projects comprising construction in progress is as follows:</FONT></P>

<a name="_bclFooter77"></a><DIV><FONT face="times new roman">&nbsp;</FONT>

<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right">Page 69 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>&nbsp;</FONT><B>&nbsp;</B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="39%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="3%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="39%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Project objective</FONT></STRONG> </TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Start</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>date</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Completion</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>date</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="3%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>6/30/2012</FONT></STRONG> </TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>12/31/2011</FONT></STRONG> </TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Logistics</STRONG><FONT size=3 face="Times New Roman"> </FONT></FONT></TD>

   <TD width="39%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="39%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Expansion of Transnordestina railroad by 1,728 km to boost the transportation of </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>varied products as iron ore, limestone, soybeans, cotton, sugarcane, fertilizers, </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>oil and fuels.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2009</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2013/14</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,185,209</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,489,871</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left></TD>

   <TD width="39%" align=left><FONT size=1 face=Helvetica>Expansion of MRS's capacity and current investments for maintenance of</FONT> <FONT size=1 face=Helvetica>current operations.</FONT> </TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica></FONT></TD>

   <TD vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>200,698</FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>290,410</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2; TEXT-INDENT: 1px" width="39%" align=left>

   <P><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>C</FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>urrent investments for maintenance of current operations.</FONT>&nbsp;</P></TD>

   <TD width="1%" align=left>

   <P><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></P></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,975</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,479</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left></TD>

   <TD width="39%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD vAlign=middle width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,395,882</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD vAlign=middle width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,795,760</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Mining</STRONG><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> </FONT></FONT></TD>

   <TD bgColor=#f2f2f2 width="39%" align=left></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="39%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Expansion of Casa de Pedra Mine capacity production to 42 Mtpa.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2012/13</FONT>&nbsp;</TD>

   <TD vAlign=top width="3%" align=left><SUP><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</SUP></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,463,043</FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,322,433</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Expansion of TECAR to permit an annual exportation of 60 Mtpa.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2009</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>547,669</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>425,134</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="39%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Expansion of Namisa capacity production to 39 Mtpa.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2008</FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2015/16</FONT>&nbsp;</TD>

   <TD vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>118,261</FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>137,059</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current investments for maintenance of current operations.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,735</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>46,421</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left></TD>

   <TD width="39%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD vAlign=middle width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,139,708</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD vAlign=middle width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,931,047</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Steel</STRONG><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> </FONT></FONT></TD>

   <TD bgColor=#f2f2f2 width="39%" align=left></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left></TD>

   <TD width="39%" align=left><FONT size=1 face=Helvetica>Implementation of the long steel mill in the states of Rio de Janeiro, Minas </FONT><FONT size=1 face=Helvetica>Gerais and S&#227;o Paulo for production of rebar and wire rod.</FONT> </TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica></FONT></TD>

   <TD vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2008</FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>

   <TD vAlign=top width="3%" align=left><SUP><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2)</FONT>&nbsp;</SUP></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,168,054</FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>907,521</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2; TEXT-INDENT: 1px" width="39%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current investments for maintenance of current operations.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>387,473</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>256,718</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left></TD>

   <TD width="39%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD vAlign=middle width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,555,527</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD vAlign=middle width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,164,239</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Cement</STRONG><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> </FONT></FONT></TD>

   <TD bgColor=#f2f2f2 width="39%" align=left></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="39%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Construction of cement plants in the Northeast, South, and in Arcos, MG.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2011</FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>

   <TD vAlign=top width="3%" align=left><SUP><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</SUP></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>147,310</FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>132,986</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="39%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Construction of clinker plant in Arcos, MG</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2007</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=top width="3%" align=left><SUP><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</SUP></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,759</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,536</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" width="39%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current investments for maintenance of current operations.</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="10%" align=left>&nbsp;</TD>

   <TD vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,419</FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD vAlign=middle width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,751</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="15%" align=left></TD>

   <TD bgColor=#f2f2f2 width="39%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=top width="3%" align=left><SUP>&nbsp;</SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>199,488</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>165,273</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" colSpan=2 align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total construction in progress</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>

   <TD vAlign=middle width="10%" align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="10%" align=left>&nbsp;</TD>

   <TD vAlign=top width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,290,605</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="10%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>7,056,319</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected date for completion of the 40 Mtpa and 42 Mtpa Stages</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Expected date for completion of the Rio de Janeiro unit</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3)</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected date for completion of new grinding in Arcos - MG</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(4)</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Start-up in March 2011, expected date for completion of construction works: second half of 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The costs classified in construction in progress comprise basically the acquisition of services, purchase of parts to be used as investments for improvement of performance, upgrading of technology, enlargement, expansion and acquisition of assets that will be transferred to the relevant line items and depreciated as from the time they are available for use.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The costs incurred to refurbish and replace property, plant and equipment items totaled R$126,099 as of June 30, 2012 (R$247,495 as of June 30, 2011), which were capitalized and will be depreciated over the period until the next maintenance event.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other repair and maintenance expenses are charged to operating costs and expenses when incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In view of the need to review the useful lives of least every financial year, in 2011 management performed the review for all the Company&#8217;s units. As a result, the estimated useful lives for the current year are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="68%"></TD>

   <TD width="15%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Buildings</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>46</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>44</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Machinery, equipment and facilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Furniture and fixtures</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter78"></a><DIV><FONT face="times new roman">&nbsp;</FONT>

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<P style="TEXT-ALIGN: right">Page 70 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader79"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of June 30, 2012, the Company capitalized borrowing costs amounting to R$202,807 (R$143,069 as of June 30, 2011) in consolidated and R$135,711 (R$95,025 as of June 30, 2011) in Company. These costs are basically estimated for mining, cement, long steel and Transnordestina projects, mainly relating to: (i) Casa de Pedra Mine expansion; (ii) construction of the cement plant in Volta Redonda, RJ, and the clinker plant in the city of Arcos, MG; (iii) construction of</FONT>&nbsp; the long steel mill in the city of Volta Redonda, RJ; and (iv) extension of Transnordestina railroad, which will connect the countryside of the northeast region to the Suape, State of Pernambuco, and Pec&#233;m, State of Cear&#225;, ports.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The rates used to capitalize borrowing costs are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <TD width="24%"></TD>

   <TD width="24%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="4%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="24%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="48%" colSpan=2 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Rates</FONT></B></TD>

   <TD vAlign=middle width="4%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="48%" colSpan=2 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Rates</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="24%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Spec&#237;fic</STRONG><FONT size=3 face="Times New Roman"> </FONT><STRONG>projects</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="24%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Non-specific</STRONG><FONT size=3 face="Times New Roman"> </FONT><STRONG>projects</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="4%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=middle width="24%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Spec&#237;fic</STRONG><FONT size=3 face="Times New Roman"> </FONT><STRONG>projects</STRONG></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="24%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Non-specific</STRONG><FONT size=3 face="Times New Roman"> </FONT><STRONG>projects</STRONG></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 width="24%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>TJLP + 1.3% to 3.2%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="24%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9.38%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 width="24%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>TJLP + 1.3% to 3.2%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="24%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10.95%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 width="24%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UM006 + 2.7%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="24%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="4%" align=left></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#f2f2f2 width="24%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UM006 + 2.7%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="24%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter79"></a><DIV><FONT face="times new roman">&nbsp;</FONT>

<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right">Page 71 of 117</P>

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<TR height=20>

   <TD vAlign=top width="100%" colSpan=2>

   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader80"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Additions to depreciation, amortization and depletion for the period were distributed as follows:</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B></TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Production cost</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>558,292</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>437,519</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>281,918</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>232,090</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Selling expenses</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,022</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,542</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,032</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,784</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>General and administrative expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,718</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,181</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,911</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,755</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other operating expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,399</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,183</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,181</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,277</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>582,431</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>467,425</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>294,042</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>245,906</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B></TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Production cost</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>436,480</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>358,969</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>221,373</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>191,766</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Selling expenses</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,079</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,674</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,560</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,352</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>General and administrative expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,931</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,436</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,954</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other operating expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,733</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,704</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,751</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>449,223</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>375,783</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>227,638</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>198,931</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Casa de Pedra mine is an asset that belongs to CSN, which has the exclusive right to explore such mine. Our mining activities of Casa de Pedra are based on the &#8216;Mine Manifest&#8217;, which grants CSN full ownership over the mineral deposits existing within our property limits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of June 30, 2012 the net property, plant and equipment of Casa de Pedra was R$2,790,083 (R$2,485,077 as of December 31, 2011), represented mainly by construction in progress amounting to R$1,463,043 (R$1,322,433 as of December 31, 2011). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>13.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INTANGIBLE ASSETS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="38%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="38%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" colSpan=5 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Goodwill</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Software</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Goodwill</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Software</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="38%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Balance as of December 31, 2011</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>567,406</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>32,089</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,879</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>603,374</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>13,091</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,101</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>21,192</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect of foreign exchange differences</FONT>&nbsp;</P></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,136</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>69</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>104</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,309</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="38%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Acquisitions through business combination (*)</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>191,507</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>191,507</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Acquisitions and expenditures</FONT>&nbsp;</P></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>472</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>562</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="38%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transfer of property, plant and equipment</FONT>&nbsp;</P></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,959</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,985</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>837</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>837</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" width="38%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</P></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,179)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(74)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,253)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,111)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,111)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="38%" align=left>

   <P style="MARGIN-LEFT: 13px"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other movements</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>112</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>112</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="38%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Balance as of June 30, 2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>781,049</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>29,140</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,407</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>814,596</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>13,091</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6,827</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>19,918</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Goodwill based on expected future earnings, arising on the business combination of CSN Steel S. L. with the companies Stahlwerk Th&#252;ringen Gmbh (SWT) and Gallardo Sections on January 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The useful life of software is one to five years. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill</FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>: The economic basis of goodwill is the expected future earnings and, in accordance with the new pronouncements, these amounts are not amortized since January 1, 2009, when they became subject only to impairment testing. </FONT></P>

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<P style="TEXT-ALIGN: right">Page 72 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="56%"></TD>

   <TD width="2%"></TD>

   <TD width="20%"></TD>

   <TD width="2%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Goodwill on investments</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Balance at</STRONG><FONT size=3 face="Times New Roman"> </FONT><STRONG>6/30/2012</STRONG></FONT>&nbsp;</TD>

   <TD width="2%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><STRONG><FONT size=1 face=Arial>Investor</FONT></STRONG>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="56%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Flat steel</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="20%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,091</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Subtotal Parent Company</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="20%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>13,091</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="56%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Mining</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="20%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>347,098</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Namisa</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Packaging (*)</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="20%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>207,217</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="56%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Long steel</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="20%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>191,507</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CSN Steel S.L.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="20%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>758,913</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="20%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Goodwill of the cash-generating unit (CGU) Packaging is presented net of an impairment loss recorded in 2011 amounting to R$60,861.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>14.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>BORROWINGS, FINANCING AND DEBENTURES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="19%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=9 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=9 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Current liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Non-current liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD width="12%" align=center><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Current liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Non-current liabilities</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Rates in (%)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Rates in (%)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6/30/2012</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">FOREIGN CURRENCY</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Prepayment&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1% to 3.50%&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">251,040&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">381,333&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,050,125&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">573,388&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1% to 3.50%&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">251,040&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">381,333&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,050,125&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">573,388&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Prepayment&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3.51% to 7.50%&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">25,383&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">148,597&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">990,437&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,281,171&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3.51% to 7.50%&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">134,907&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">276,615&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,232,893&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,398,081&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Perpetual bonds&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7.00%&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,751&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,553&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,021,300&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,875,800&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Fixed rate notes&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">9.75%&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">4,516&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">4,191&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,111,715&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,031,690&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">4.142%&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7,858&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7,292&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">886,967&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">823,120&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Fixed rate notes&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">5.65%&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,993&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">4,058&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,496,750&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,436,478&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Fixed rate notes&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6.5%&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">69,634&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">53,851&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,425,560&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,875,800&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">9.125%&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">8,915&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">8,273&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,212,780&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,125,480&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Fixed rate notes&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6.875%&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">28,661&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">26,598&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,515,975&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,406,850&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Fixed rate notes&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">10.5%&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">37,057&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">34,390&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">808,520&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">750,320&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Financed imports&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6.01% to 8.00%&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">32,999&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">25,248&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">59,979&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">27,310&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6.01% to 8.00%&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7,014&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6,254&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,102&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">5,758&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">CCB&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.54%&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">176,440&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.54%&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">176,440&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Res. 635/87 interest&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Res. 635/87 interest +&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">BNDES/FINAME&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">32,089&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">25,903&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">26,612&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">36,750&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">29,423&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">23,425&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">24,401&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">33,466&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">+ 1.7% and 2.7%&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.7% and 2.7%&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Intercompany&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6M Libor + 2.25 and 2.26% + 3.00% and 3.9961% </FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">39,127&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">534,185&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">671,929&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">205,028&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Other </FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.40% to 8.00% and CDI + 1.2%&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;24,462 </FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;105,442 </FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;410,617 </FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;145,438 </FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.40% to 8.00% and 6M Libor + 2.56%&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;87,811 </FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">508,592</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">984,546</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">10,420,840</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">9,004,517</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">482,277</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,505,686</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">8,578,947</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7,600,799</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">LOCAL CURRENCY</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">BNDES/FINAME&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">TJLP + 1.5% to 5%&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">395,509&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">430,432&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,040,070&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,744,727&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">TJLP + 1.5% to 3.2%&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">253,819&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">226,891&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">928,434&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">782,416&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Debentures&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">103.6% and 110.8% CDI and 1% + TJLP </FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">40,927&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">672,073&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,864,552&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,822,424&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">103.6% and 110.8% CDI&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">20,139&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">655,755&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,150,000&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,150,000&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Prepayment&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">104.8%. 109.5% and 111% CDI </FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">613,517&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">537,128&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">4,423,224&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">4,523,224&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">104.8% and 109.5 % CDI&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">593,167&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">510,072&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,366,667&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,466,667&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">CCB&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">112.5% CDI&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">77,259&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">101,280&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7,200,000&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7,200,000&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">112.5% CDI&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">77,259&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">101,280&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7,200,000&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7,200,000&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Promissory notes&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">105.8% CDI&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">817,696&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">105.8% CDI&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">817,696&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Intercompany&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">100.5% to 105.5% CDI&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,336,807&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,356,010&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Other&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">11,733&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">9,509&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">30,483&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">37,058&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,897&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,845&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">4,741&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">5,528&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,956,641</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,750,422</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">16,558,329</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">16,327,433</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,100,784</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,851,853</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">11,649,842</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">11,604,611</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Repayment of borrowings and financing</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,465,233</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,734,968</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">26,979,169</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">25,331,950</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,583,061</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">4,357,539</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">20,228,789</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">19,205,410</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Transaction costs and issue premiums&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(33,656)&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(32,885)&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(115,641)&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(145,445)&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(30,135)&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(27,398)&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(100,949)&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(114,133)&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Total borrowings and financing + </FONT></STRONG><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt"><STRONG>transaction costs</STRONG> </FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,431,577</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,702,083</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">26,863,528</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">25,186,505</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,552,926</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">4,330,141</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">20,127,840</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">19,091,277</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The balances of prepaid intragroup borrowings related to the Company total R$2,351,980 as of June 30, 2012 (R$2,244,927 as of December 31, 2011) and the balances of Fixed rate notes and Intercompany bonds total R$3,617,263 (R$3,404,701 as of December 31, 2011), see note 4.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 73 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></FONT></B></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Funding transaction costs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of June 30, 2012 funding transaction costs are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="18%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="6%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" colSpan=15 align=right></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Short term</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="49%" colSpan=13 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Long term</FONT></B></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" colSpan=3 align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2013</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2014</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2015</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2016</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2017</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">After 2017</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">TJ (1)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">TIR (2)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Fixed rate notes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,789</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,816</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">856</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">265</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(508)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">(508)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">444</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,365</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6.5% to 10%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6.75% to 10.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">BNDES</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">472</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">291</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">423</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">389</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">389</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">389</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,537</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">5,418</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.3% to 1.7%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.44% to 7.39%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">BNDES</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,578</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">799</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">273</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,072</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2.2% to 3.2%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7.59% to 9.75%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Prepayment</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">8,059</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,990</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6,397</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,219</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,219</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,219</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,354</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">18,398</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">109.50% and 110.79% CDI</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">10.08% to 12.44%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Prepayment</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">509</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">255</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">509</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">509</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">509</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">346</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,128</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2.37% and 3.24%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2.68% to 4.04%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">CCB</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">17,472</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7,484</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">17,651</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">13,902</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">13,902</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">10,057</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">18,046</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">81,042</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">112.5% CDI</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">11.33% to 14.82%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Other</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,777</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">561</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">821</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">821</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">821</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">821</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,373</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">5,218</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">105.8% and 110.8% CDI</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">12.59% and 13.27%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">33,656</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">15,196</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">26,930</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">18,105</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">17,332</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">13,324</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">24,754</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">115,641</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR height=20>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=right><B></B></TD></TR>

<TR height=20>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=right><B></B></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="56%" colSpan=15 align=center></TD>

   <TD width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Short term</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="49%" colSpan=13 align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Long term</FONT></B></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" colSpan=3 align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2013</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2014</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2015</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2016</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2017</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">After 2017</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Total</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">TJ (1)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">TIR (2)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Fixed rate notes</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">701</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,333</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,333</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">9.13%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">10.01%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">BNDES</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">307</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">153</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">239</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">205</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">205</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">205</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,050</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,057</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.30% to 1.70%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1.44% to 7.39%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">BNDES</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">1,453</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">727</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">242</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">969</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2.2% to 3.2%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7.59% to 9.75%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Prepayment</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">6,309</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,116</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">4,647</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">469</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">469</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">469</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">625</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">9,795</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">109.50% CDI</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">10.08%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Prepayment</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">509</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">255</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">509</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">509</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">509</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">346</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,128</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2.37% and 3.24%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2.68% to 4.04%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">CCB</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">17,472</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">7,484</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">17,651</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">13,902</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">13,902</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">10,057</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">18,046</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">81,042</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">112.5% CDI</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">11.33% to 14.82%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">Other</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">3,384</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">331</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">427</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">427</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">427</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">427</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">586</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">2,625</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">105.8 and 110.8% CDI</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">12.59% and 13.27%</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="18%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">30,135</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">13,399</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">23,715</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="7%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">15,512</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">15,512</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">11,504</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">21,307</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="6%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">100,949</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TJ &#8211; Annual interest rate contracted</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TIR &#8211; Annual internal rate of return</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Maturities of borrowings, financing and debentures presented in non-current liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of June 30, 2012, the principal of long-term borrowings, financing and debentures by maturity year is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,014,815</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,190,386</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,129,878</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8%</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,506,625</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,655,199</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,437,746</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,770,614</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10%</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,672,419</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2017</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,484,354</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,470,475</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>After 2017</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,903,009</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45%</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,951,138</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Perpetual bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,021,300</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>26,979,169</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>100%</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>20,228,789</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>100%</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter82"></a><DIV><FONT face="times new roman"></FONT>

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<P style="TEXT-ALIGN: right">Page 74 of 117</P>

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   <TD vAlign=top width="100%" colSpan=2>

   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader83"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Amortizations and new borrowings, financing and debentures </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The table below shows the amortizations and new funding in the current period:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Opening balance</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,888,588</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,089,447</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,421,418</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,183,349</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Funding</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,842,696</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,824,012</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,065,128</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,314,956</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,499,295)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,614,606)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,540,645)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,818,933)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,063,116</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,589,735</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,734,865</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,742,046</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#f8f8f8 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Closing balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f8f8f8 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>29,295,105</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f8f8f8 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>27,888,588</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f8f8f8 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>23,680,766</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f8f8f8 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>23,421,418</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left>&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Includes foreign exchange differences and inflation adjustments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Loan and financing contracts with certain financial institutions contain some covenants that are usual in financial agreements in general and the Company is compliant with them as of June 30, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In January 2012, the Company secured a financing facility contracted by its subsidiary CSN Steel S.L., amounting to &#8364;120 million, to partially finance the acquisition of all the shares held by Grupo Alfonso Gallardo, S.L.U. (&#8220;Gallardo Group&#8221;) in the companies Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;) and Gallardo Sections S.L.U.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In January 2012, the Company priced, through its wholly-owned subsidiary CSN Resources S.A., an additional bond issue amounting to US$200 million, by reopening the US$1 billion bonds, maturing in July 2020.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In March 2012, the Company conducted the first issue of commercial promissory notes (&#8220;Promissory Notes&#8221;) for public distribution with restricted efforts. The Issue comprised 40 promissory notes with unit face value of R$20,000, totaling R$800,000, which were fully subscribed and paid in. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Debentures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i. Companhia Sider&#250;rgica Nacional</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" face=Arial,sans-serif>4<SUP>th</SUP> issue</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In February 2012, the Company settled the fourth issue debentures amounting to R$600,000 in principal and R$35,285 in interest).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" face=Arial,sans-serif>5<SUP>th</SUP> issue</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As approved at the Board of Directors&#8217; meeting held on July 12, 2011, the Company issued on July 20, 2011, 115 nonconvertible, unsecured debentures, in single series, with a unit face value of R$10,000. These debentures were issued in the total amount of R$1,150,000 and the proceeds from their trading with financial institutions were received on August 23, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The face value of these debentures earns interest equivalent to 110.8% of CDI, as released by Cetip, per year, and maturity of the face value is scheduled for July 20, 2019, with an early redemption option. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii. Transnordestina Log&#237;stica </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On March 10, 2010 Transnordestina Log&#237;stica S.A obtained approval from the Northeast Development Fund &#8211; FDNE for issue of the 1<SUP>st</SUP> Series of its 1<SUP>st</SUP> Private Issue of convertible debentures, consisting of eight series in the total amount of R$2,672,400. The first, third, and fourth series refer to funds to be invested in the Miss&#227;o Velha &#8211; Salgueiro &#8211; Trindade e Salgueiro &#8211; Porto de Suape module, which also includes the investments in the Suape Port, and the reconstruction of the Cabo to Porto Real de Col&#233;gio railroad section. The second, fifth and sixth series refer to funds to be invested in the Eliseu Martins &#8211; Trindade module. The seventh and eighth series refer to funds to be invested in the Miss&#227;o Velha &#8211; Pec&#233;m module, which also includes the investments in the Pec&#233;m Port. </FONT></P>

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   <TD width="11%" align=center>&nbsp;</TD>

   <TD width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>General</FONT></B>&nbsp;</TD>

   <TD width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Number</FONT></B>&nbsp;</TD>

   <TD width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Unit</FONT></B>&nbsp;</TD>

   <TD width="11%" align=center>&nbsp;</TD>

   <TD width="11%" align=center>&nbsp;</TD>

   <TD width="12%" align=center>&nbsp;</TD>

   <TD width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Balance (R$)</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Issue</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Series</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>meeting</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>issued</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>face value</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Issue</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Maturity</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Charges</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3/31/2012</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1st</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1st</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2/8/2010</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>336,647,184</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>R$ 1.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3/9/2010</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10/3/2027</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>TJLP + 0.85% p.a.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>336,647</FONT>&nbsp;</TD></TR>

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   <TD width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1st</FONT>&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2nd</FONT>&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2/8/2010</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>350,270,386</FONT>&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>R$ 1.00</FONT>&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11/25/2010</FONT>&nbsp;</TD>

   <TD width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10/3/2027</FONT>&nbsp;</TD>

   <TD width="12%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>TJLP + 0.85% p.a.</FONT>&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>350,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1st</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3rd</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2/8/2010</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>338,035,512</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>R$ 1.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12/1/2010</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10/3/2027</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="12%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>TJLP + 0.85% p.a.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>338,036</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1st</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4th</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2/8/2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>468,293,037</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>R$ 1.00</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10/4/2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10/3/2027</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>TJLP + 0.85% p.a.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>468,293</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Guarantees provided</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Guarantees provided for the borrowings comprise property, plant and equipment items and sureties, as shown in the table below, and do not include guarantees provided for subsidiaries and jointly controlled entities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="68%"></TD>

   <TD width="15%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD></TR>

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   <TD width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#f8f8f8 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,944</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,383</FONT>&nbsp;</TD></TR>

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   <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Collateral transfer (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>87,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>15,944</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>106,933</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) In March 2012 the Company settled the loan guaranteed by a collateral transfer and paid R$89,438.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>15.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>FINANCIAL INSTRUMENTS </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>I - Identification and measurement of financial instruments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company enters into transactions involving various financial instruments, mainly cash and cash equivalents, including short-term investments, marketable securities, trade receivables, trade payables, and borrowings and financing. Additionally, it also carries out transactions involving derivative financial instruments, especially exchange and interest rate swaps.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the nature of these instruments, their fair value is basically determined by the use of Brazil&#8217;s money market and mercantile and futures exchange quotations. The amounts recorded in current assets and current liabilities have immediate liquidity or short-term maturity, mostly less than three months. Considering the maturities and features of such instruments, their carrying amounts approximate their fair values.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Classification of financial instruments </FONT></B></P></DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="41%" colSpan=11 align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">6/30/2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="34%" colSpan=9 align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="23%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Notes</FONT></B></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Available</FONT></B><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 7pt"><BR></FONT></FONT><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">for sale</FONT></B></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Fair value</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><BR><B>through</B><BR><B>profit or</B><BR><B>loss</B>&nbsp;</FONT></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Loans and</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><BR><B>receivables -</B><BR><B>effective interest</B><BR><B>rate</B>&nbsp;</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Other liabilities -</FONT></B><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 7pt"><BR><B>amortized cost</B><BR></FONT></FONT><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">method</FONT></B></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Balances</FONT></B></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Available</FONT></B><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 7pt"><BR></FONT></FONT><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">for sale</FONT></B></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Fair value</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><BR><B>through</B><BR><B>profit or</B><BR><B>loss</B>&nbsp;</FONT></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Loans and</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><BR><B>receivables -</B><BR><B>effective interest</B><BR><B>rate</B>&nbsp;</FONT></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Other liabilities -</FONT></B><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 7pt"><BR><B>amortized cost</B><BR></FONT></FONT><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">method</FONT></B></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="6%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Balances</FONT></B></TD></TR>

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   <TD bgColor=#f2f2f2 width="23%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Assets</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

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   <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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   <TD style="TEXT-INDENT: 7px" width="23%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Current assets</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Cash and cash equivalents</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">5</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">13,690,478</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">13,690,478</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">15,417,393</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">15,417,393</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" width="23%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Trade receivables, net</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">6</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,656,540</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,656,540</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,558,997</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,558,997</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Guarantee margin on financial instruments</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">8 and 15</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">387,567</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">387,567</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">407,467</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">407,467</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" width="23%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Derivative financial instruments</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">8 and 15</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">8,747</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">8,747</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">55,115</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">55,115</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=23><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="23%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Non-current assets</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><B></B></TD>

   <TD width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Other trade receivables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">11,778</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">11,778</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">57,797</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">57,797</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" width="23%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Investments</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,217,046</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,217,046</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,089,307</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,089,307</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Derivative financial instruments</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">10</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">363,851</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">363,851</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">376,344</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">376,344</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" width="23%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Financial assets measured at amortized cost</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">118,132</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">118,132</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">139,679</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">139,679</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=23><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="23%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Liabilities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><B></B></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="23%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Current liabilities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B></B></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="23%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Borrowings, financing and debentures</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></P></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">14</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,465,233</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,465,233</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,734,968</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,734,968</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="23%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Derivative financial instruments</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></P></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">15 and 16</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,801</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,801</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,971</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,971</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="23%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Trade payables</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></P></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,517,224</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,517,224</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,232,075</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,232,075</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="23%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Non-current liabilities</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B></B></TD>

   <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="23%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Borrowings, financing and debentures</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></P></TD>

   <TD width="1%" align=left></TD>

   <TD width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">14</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=center></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">26,979,169</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">26,979,169</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">25,331,950</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right></TD>

   <TD width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">25,331,950</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="23%" align=left>

   <P style="MARGIN-LEFT: 15px"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Derivative financial instruments</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></P></TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">15 and 16</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=center></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">356,497</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">356,497</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">373,430</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">373,430</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fair value measurement </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The financial instruments recognized at fair value require the disclosure of fair value measurements of three hierarchy levels.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. </FONT></P>

<P style="MARGIN: 0in 0in 0pt 20.9pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Level 2: other available inputs, except those of Level 1 that are observable for the asset or liability, whether directly (i.e., prices) or indirectly (i.e., derived from prices)</FONT></P>

<P style="MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Level 3: inputs unavailable due to slight or no market activity and which is significant for the definition of the fair value of assets. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table shows the financial instruments recognized at fair value using a valuation method:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="28%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="28%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Level 1</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Level 2</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Level 3</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Balances</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Level 1</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Level 2</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Level 3</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Balances</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Current assets</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Financial assets at fair value through profit or loss</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,747</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,747</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>55,115</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>55,115</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Non-current assets</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Available-for-sale financial assets</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,217,046</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,217,046</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,089,309</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,089,309</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Financial assets at fair value through profit or loss</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>363,851</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>363,851</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>376,344</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>376,344</FONT>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f2f2f2 width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Current liabilities</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Financial liabilities at fair value through profit or loss</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,801</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,801</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7px" width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Non-current liabilities</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="28%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Financial liabilities at fair value through profit or loss</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>356,497</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>356,497</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>II &#8211; investments in financial instruments classified as available for sale and measured at fair value through OCI</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These consist mainly of investments in shares acquired in Brazil and abroad involving top ranked companies classified by international rating agencies as investment grade, which are recognized in non-current assets, and any gains or losses are recognized in equity, where they will remain until actual realization of the securities or when any loss is considered unrecoverable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><EM><B><FONT style="LINE-HEIGHT: 115%; FONT-STYLE: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></EM>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Potential impairment of financial assets classified as available for sale</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has investments in common (USIM3) and preferred&nbsp; (USIM5) shares (&#8220;Usiminas Shares&#8221;), designated as available-for-sale financial assets &nbsp;as they do not meet the criteria to be classified within any of the other categories of financial instruments (loans and receivables, held-to-maturity investments or financial assets at fair value through profit or loss). The asset is classified as a non-current asset under line item &#8220;investments&#8221; and is carried at fair value based on the quoted price on the stock exchange (BM&amp;FBOVESPA). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the volatility of the quotations of the Usiminas shares through the end of the first half of 2012, the Company has evaluated whether, at the end of the reporting period, there is objective evidence of impairment of these financial assets, i.e., the Company&#8217;s management evaluated if the decline in the market value of Usiminas shares should be considered either significant or prolonged. In turn, this valuation requires judgment based on CSN&#8217;s policy, prepared according to practices used in the domestic and international markets, and consists of an instrument by instrument analysis based on quantitative and qualitative information available in the market, from the time an instrument shows a decline of 20% or more in its market value or from the time there is a significant decline in its market value as compared to its acquisition cost during more than twelve months. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As USIM3 and USIM5 shares are equity instruments of the same company and due to the different characteristics attached to Usiminas&#8217; equity instruments (common and preferred shares), CSN analyzed the decline in the market value by type of equity instrument. The individual monitoring allows a detailed analysis of the decline percentage and period and each equity instrument&#8217;s characteristics, such as, asset risk, industry, and volatility. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>To determine the period of decline in the market value of the Usiminas Shares below their cost, CSN compared their average cost of acquisition as of June 30, 2012 with the last date when the maximum quotation was above this weighted average (common share: 7 months, preferred share: 13 months). According to management, this analysis shows that neither USIM3 shares nor the USIM5 shares presented a prolonged decline in their quotations, based on the Company&#8217;s policy.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>To determine the decline percentage, we have analyzed volatility, which represents a dispersion measure of a share or market index returns. The more a share price varies over a short period of time, the higher is the risk of financial gain or loss if the share is traded and, therefore, volatility is a risk measure. The historical volatility of a share is calculated and taken into account to identify the expected fluctuation of the related instrument, measure the expected future volatility of the analyzed equity instrument, and conclude if the decline in the market value of an instrument below its cost should or not be considered significant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The table below illustrates this index for a twelve-year period (as from December 31, 2011), a sufficiently long period to eliminate volatility peaks caused by domestic and international economic crises:</FONT></P>

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<TR>

   <TD width="70%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="30%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: Arial" size=2>Volatility</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT style="FONT-FAMILY: Arial" size=2>Period</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

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   <TD width="70%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="10%" align=center><B><FONT style="FONT-FAMILY: Arial" size=2>USIM3</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="10%" align=center><B><FONT style="FONT-FAMILY: Arial" size=2>USIM5</FONT></B><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT style="FONT-FAMILY: Arial" size=2>1/3/2000 to 12/31/2011</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="10%" align=center><FONT style="FONT-FAMILY: Arial" size=2>50.42%</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD>

   <TD width="10%" align=center><FONT style="FONT-FAMILY: Arial" size=2>48.57%</FONT><FONT style="FONT-FAMILY: Arial" size=2>&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader87"></a><DIV><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Based on this information, the criteria adopted by management, and the relevant accounting and legal rules, management concluded that the decline in the market value as compared to the acquisition cost of the USIM3 and USIM5 shares as of June 30, 2012, of 66.3% and 59.0%, respectively, should be considered a significant decline in the market value of these equity instruments. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the quantitative and qualitative analyses above, management concluded, in its best judgment, that there is evidence of impairment of the investment in Usiminas Shares as of June 30, 2012, and, consequently, reclassified the accumulated losses recorded in other comprehensive income amounting to R$1,599,485, net of income tax and social contribution, to profit/loss for the period, recognizing R$2,022,793 in other operating expenses and R$423,308 in deferred taxes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company continues to evaluate strategic alternatives with respect to its investment in Usiminas. These initiatives can impact, among others, the way an investment is recorded in the Company&#8217;s financial statements.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>III &#8211; Fair values of assets and liabilities as compared to their carrying amounts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets and liabilities at fair value through profit or loss are recognized in current and non-current assets and liabilities, and any gains and possible losses are recognized as finance income or finance costs, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The amounts are recognized in the interim financial statements of their carrying amounts, which are substantially similar to those that would be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly from their carrying amounts, except the amounts below.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The estimated fair values of consolidated long-term borrowings and financing were calculated at prevailing market rates, taking into consideration the nature, terms and risks similar to those of the recorded contracts, as compared below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Carrying amount</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Fair value</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Fair value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Perpetual bonds</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,024,051</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,016,403</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,878,353</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,819,903</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,001,638</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 3px" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,308,710</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,183,690</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,832,364</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>IV&nbsp;&nbsp;&nbsp;&nbsp; Financial risk management policy</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has and follows a policy of managing its risks, with guidelines regarding the risks incurred by the company. Pursuant to this policy, the nature and general position of financial risks are regularly monitored and managed in order to assess the results and the financial impact on cash flow. The credit limits and the quality of counterparties&#8217; hedge instruments are also periodically reviewed. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The risk management policy was established by the Board of Directors. Under this policy, market risks are hedged when it is considered necessary to support the corporate strategy or when it is necessary to maintain a level of financial flexibility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Under the terms of the risk management policy, the Company manages some risks by using derivative financial instruments. The Company&#8217;s risk policy prohibits any speculative deals or short sales.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 14.15pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liquidity risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>It is the risk that the Company may not have sufficient net funds to honor its financial commitments as a result of mismatching of terms or volumes between scheduled receipts and payments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>To manage cash liquidity in domestic and foreign currency, assumptions of future disbursements and receipts are established and daily monitored by the treasury area. The payment schedules for the long-term portions of borrowings, financing and debentures are shown in note 14.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table shows the contractual maturities of financial liabilities, including accrued interest.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="31%"></TD>

   <TD width="13%"></TD>

   <TD width="1%"></TD>

   <TD width="13%"></TD>

   <TD width="1%"></TD>

   <TD width="13%"></TD>

   <TD width="1%"></TD>

   <TD width="13%"></TD>

   <TD width="1%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="31%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="69%" colSpan=9 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>At June 30, 2012</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Less than one year</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>From one to</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>two years</STRONG></FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>From two to five</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>years</STRONG></FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Over five years</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Total</FONT></STRONG> </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="31%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Borrowings, financing and debentures</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,465,233</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,144,693</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,910,167</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,924,309</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>29,444,402</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,801</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>356,497</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>359,298</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="31%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,517,224</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,517,224</FONT>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f2f2f2 width="100%" colSpan=10>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="31%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>December 31, 2011</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Borrowings, financing and debentures</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,734,968</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,263,889</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,724,483</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,343,578</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,066,918</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="31%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>376,401</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,232,075</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,232,075</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Foreign exchange rate risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company assesses its exchange exposure by subtracting its liabilities from its assets denominated in dollar and euro, thus arriving at its net exchange exposure, which is the foreign currency exposure risk. Therefore, besides the trade receivables arising from exports and investments overseas that in economic terms constitute natural hedges, the Company further considers and uses various financial instruments, such as derivative instruments (US$ to real and euro to dollar swaps, and forward exchange contracts, etc.) to manage its risks of fluctuations in currencies other than the Brazilian real.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Policies on the use of hedging derivatives</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s financial policy reflects the parameters of liquidity, credit and market risks approved by the Audit Committee and Board of Directors. The use of derivative instruments in order to prevent fluctuations in interest and exchange rates from having a negative impact on the company&#8217;s balance sheet and income statement should consider the same parameters. As provided for in internal rules, this financial investment policy has been approved and is being managed by the finance officers. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>At the meetings of the Executive Officers and Board of Directors, the officers and directors routinely present and discuss the Company&#8217;s financial positions. Under the bylaws, transactions involving material amounts require the prior approval of management bodies. The use of other derivative instruments is contingent upon the express prior approval of the Board of Directors. </FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>To finance its activities, the Company resorts to the capital markets, both locally and internationally, and based on the indebtedness profile it is seeking, part of the debt is pegged to foreign currency, basically to the US dollar, which causes Management to seek hedging for debt through derivative financial instruments. </FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>To contract derivative financial instruments for hedging within the internal control structure, the following policies are adopted:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ongoing calculation of exchange exposure that occurs by analyzing assets and liabilities exposed to foreign currency, under the following terms: (i) trade receivables and payables in foreign currency; (ii) cash and cash equivalents and debts in foreign currency considering the maturity of the assets and liabilities exposed to exchange fluctuations;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>presentation of the financial position and exchange exposure on a routine basis of meetings of the Executive Officers and Board of Directors that approve the hedging strategy;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>carrying out derivative hedging transactions only with leading banks, diluting the credit risk through diversification among these banks;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The consolidated net exposure as of June 30, </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2012 </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>is as follows:</FONT></P>

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<TR>

   <TD width="70%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=5 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="70%" align=center><STRONG><FONT size=1 face=Arial>Foreign Exchange Exposure</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD vAlign=middle width="2%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>(Amounts in</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>US$ thousand)</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>(Amounts in</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>&#8364; thousand)</STRONG></FONT>&nbsp;</TD></TR>

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   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash equivalents overseas</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,884,526</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,933</FONT>&nbsp;</TD></TR>

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   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative guarantee margin</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>191,742</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Trade receivables - foreign market</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>282,483</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>63,142</FONT>&nbsp;</TD></TR>

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   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Intercompany loans</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,449</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Advances to suppliers</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>53,166</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>501</FONT>&nbsp;</TD></TR>

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   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>561</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total assets</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6,493,927</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>77,576</FONT></B>&nbsp;</TD></TR>

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   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Borrowings and financing</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,229,085)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

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   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Trade payables</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(98,006)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,102)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Intercompany borrowings</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(19,741)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(13,154)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total liabilities</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,359,986)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,102)</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#f2f2f2 width="70%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Gross exposure</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,133,941</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>76,474</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Notional amount of derivatives contracted</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>78,202</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(90,000)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="70%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Net exposure</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,212,143</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(13,526)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Gains and losses on these transactions are consistent with the policies and strategies defined by management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exchange swap transactions </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company carries out exchange swap transactions in order to hedge its assets and liabilities against any fluctuations in the US dollar-real parity. This hedge through exchange swaps provides the Company, through the long position of the contract, with a forward rate agreement (FRA) gain on the exchange coupon, which at the same time improves our investment rates and reduces the cost of our funding in the international market. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE></FONT></B></B><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of June 30, 2012, the Company had a long position in exchange swap of US$10,000,000 (US$367,856,000 as of December 31, 2011) where we received, in the long position, exchange rate change plus 3.5% per year on average (in 2011, exchange rate change plus 3.4541% per year), and paid 100% of CDI, in the short position of the exchange swap contract. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011 the Company had a short position in a foreign exchange swap of US$100,000,000, where we paid, in the short position, exchange rate change plus interest of 2.39% per year. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of June 30, 2012, the consolidated position of these contracts is as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) Outstanding transactions</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>US dollar-to-real exchange swap</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD vAlign=middle width="17%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="18%" align=center>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="31%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="31%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

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   <TD vAlign=middle width="17%" align=center>&nbsp;</TD>

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   <TD vAlign=middle width="18%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="7%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" colSpan=3 align=center><STRONG><FONT size=1 face=Arial>Appreciation (R$)</FONT></STRONG> </TD>

   <TD vAlign=middle width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Fair value</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>(market)</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD vAlign=middle width="7%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="15%" colSpan=3 align=center><STRONG><FONT size=1 face=Arial>Appreciation (R$)</FONT></STRONG> </TD>

   <TD vAlign=middle width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Fair value</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>(market)</STRONG></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="17%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="18%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Transaction maturity</FONT></B></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>thousand)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Asset</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Liability</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>receivable/</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(payable)</FONT></B></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>thousand)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Asset</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Liability</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=7 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=7 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>receivable/</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(payable)</FONT></B></TD></TR>

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<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR>

   <TD width="100%" colSpan=19>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>HSBC</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6/15/2012 to 12/3/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,654</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,759</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,790)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,969</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>101,317</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>192,919</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(176,554)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,365</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Soci&#233;t&#233; G&#233;n&#233;rale</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6/1/2012 to 8/1/2012</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,981</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,784</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,783)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,001</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,635</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,554</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(29,362)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bradesco</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8/1/2012 to 10/1/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,218</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,228)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,327</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,279</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,743)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>536</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco do Brasil</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7/2/2012 to 2/1/2013</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,981</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,487</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(19,082)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,405</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,654</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,605</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,413)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Santander</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10/1/2013 to 1/2/2015</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31,504</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(28,948)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,556</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,900</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(28,416)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>484</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Goldman Sachs</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12/17/2012 to 2/1/2013</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,654</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,499</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,149)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,350</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>190,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>371,174</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(352,514)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Tokyo</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12/15/2016</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,952</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,112</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(48,454)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>658</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,952</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>46,980</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(47,960)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(980)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>JP Morgan</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="18%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,981</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,127</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(18,556)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>571</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="17%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="18%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>78,202</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>159,363</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(147,434)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>11,929</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>367,856</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>708,538</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(671,518)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>37,020</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Real-to-US dollar exchange swap&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="40%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=right>&nbsp;</TD>

   <TD width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="13%" align=center><FONT size=1 face=Arial><STRONG>Fair value</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>(market)</STRONG></FONT>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="40%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(payable)</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(70,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>130,266</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(130,787)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(521)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Santander</FONT></I>&nbsp;</TD>

   <TD width="2%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(30,000)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>55,704</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(56,030)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(326)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(100,000)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>185,970</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(186,817)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(847)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Iene-to-US dollar exchange swap&nbsp; </FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="17%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="10%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="8%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><STRONG><FONT size=1 face=Arial>Fair value</FONT></STRONG>&nbsp;<BR><STRONG><FONT size=1 face=Arial>(market)</FONT></STRONG> </TD>

   <TD vAlign=middle width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD vAlign=middle width="8%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Fair value</FONT></STRONG> <BR><STRONG><FONT size=1 face=Arial>(market)</FONT></STRONG> </TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="17%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Counterparty</FONT></STRONG> </TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Transaction</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>maturity</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Notional</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>amount (Yene)</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Long</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>position</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Short</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>position</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Amount</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>receivable</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Notional</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>amount (Yene)</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Long</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>position</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Short</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>position</STRONG></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Amount</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>receivable</STRONG></FONT>&nbsp;</TD></TR>

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   <TD bgColor=#f2f2f2 width="17%" align=center><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Deutsche Bank</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>&nbsp;</FONT></I></TD>

   <TD bgColor=#f2f2f2 width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12/12/2013</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>59,090,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>357,327</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(356,497)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>830</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>59,090,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>374,455</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(373,430)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>59,090,000</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>357,327</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(356,497)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 9px" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>830</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>59,090,000</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>374,455</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(373,430)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,025</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Settled transactions </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US dollar-to-real exchange swap&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR>

   <TD width="19%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="26%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation in 2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="26%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation in 2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="19%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Received/(p</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>aid) in 2012</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(R$)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>in 2011</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Impact on</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>P&amp;L in 2012</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>&nbsp;</FONT></I></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,087,068</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,058,133)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,935</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>190,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>371,175</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(352,515)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,660</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>HSBC</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97,990</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>184,485</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(175,615)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,870</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97,990</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>186,520</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(170,945)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,575</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,705)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Santander</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,352</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,322)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,571</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,095)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>476</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(446)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Soci&#233;t&#233; G&#233;n&#233;rale</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,654</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,946</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,423)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(477)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,654</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,780</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,071)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>709</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,186)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>JP Morgan</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,981</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,937</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(18,820)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>117</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,981</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,126</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(18,556)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>570</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(453)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,219,615</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,305,788</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,268,313)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>37,475</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>309,615</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>599,172</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(563,182)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>35,990</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,485</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Real-to-US dollar exchange swap&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="19%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="19%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="26%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation in 2012</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="26%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation in 2011</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="19%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long position</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short position</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>received in</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2012</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$&#8217;000)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long position</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short position</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>in 2011</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Impact on</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>P&amp;L in 2012</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Santander</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(70,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>131,472</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(122,092)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,380</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(70,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>130,265</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(130,787)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(522)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,902</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(130,000)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>232,837</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(235,058)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,221)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(30,000)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>55,704</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(56,030)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(326)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,895)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Ita&#250; BBA</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(100,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>184,214</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(189,329)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,115)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,115)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(300,000)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>548,523</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(546,479)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,044</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(100,000)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>185,969</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(186,817)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(848)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,892</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of outstanding transactions was recorded in the Company&#8217;s assets and totals R$11,929 as of June 30, 2012 (R$37,020 in assets and R$847 in liabilities as of December 31, 2011) and its effects are recognized in the Company&#8217;s finance income (costs) as gain totaling R$16,306 as of June 30, 2012 (loss of R$212,129 as of June 30, 2011) (see note 25).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Euro-to-US dollar exchange swap</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In addition to the swaps above, the Company also contracted NDFs (non-deliverable forwards) to hedge its euro-denominated assets. Basically the Company contracted financial derivatives for its euro-denominated assets, where it will receive the difference between the US dollar exchange rate change for the period, multiplied by the notional amount (long position) and pay the difference between the exchange rate change in euro for the period on the notional euro </FONT>


<FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>amount on the contract date (short position). In general, these are transactions conducted in the Brazilian over-the-counter market that have as counterparties prime financial institutions, contracted under the exclusive funds.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>&nbsp;</FONT><B>&nbsp;</B></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of June 30, 2012, the consolidated position of these contracts is as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) Outstanding transactions</FONT></B></P>

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   <TD width="8%" align=left>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" colSpan=5 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" colSpan=5 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

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   <TD vAlign=middle width="19%" align=center>&nbsp;</TD>

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   <TD vAlign=middle width="8%" align=center>&nbsp;</TD>

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   <TD vAlign=middle width="8%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><STRONG><FONT size=1 face=Arial>Fair value</FONT></STRONG><BR><STRONG><FONT size=1 face=Arial>(market)</FONT></STRONG> </TD>

   <TD vAlign=middle width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD vAlign=middle width="8%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Fair value<BR></FONT></STRONG><STRONG><FONT size=1 face=Arial>(market)</FONT></STRONG> </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="19%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>maturity</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(&#8364; thousand)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(payable)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(&#8364; thousand)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>receivable</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Ita&#250; BBA</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8/3/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>70,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>87,313</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(88,508)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,195)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Deutsche Bank</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD style="TEXT-INDENT: 1px" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8/3/2012</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,949</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(25,288)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(339)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>51,521</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(48,556)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,965</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>128,761</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(121,389)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,372</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>HSBC</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>51,469</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(48,556)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>90,000</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>112,262</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(113,796)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,534)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>90,000</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>231,751</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(218,501)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>13,250</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Settled transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="19%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="26%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation in 2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="26%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation in 2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD>

   <TD width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="19%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(&#8364; thousand)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Received/(p</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>aid) in 2012</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(&#8364; thousand)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(R$)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>in 2011</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Impact on</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>P&amp;L in 2012</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Deutsche Bank</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>120,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>253,242</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(250,035)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,207</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,345</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(60,694)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,651</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(444)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>220,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>419,387</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(412,266)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,121</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>102,990</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(97,111)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,879</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,242</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>HSBC</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,416</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(60,224)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,192</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,416</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(60,696)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,720</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>472</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>Itau BBA</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>175,000</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>243,407</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(237,289)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,118</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,118</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>540,000</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>980,452</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(959,814)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>20,638</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>90,000</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>231,751</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(218,501)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>13,250</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>7,388</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of outstanding transactions was recorded in the Company&#8217;s liabilities and totals R$1,534 as of June 30, 2012 (R$13,250 in assets as of December 31, 2011) and its effects are recognized in the Company&#8217;s finance income (costs) as loss totaling R$5,854 as of June 30, 2012 (loss of R$15,627 as of June 30, 2011) (see note 25).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other derivatives</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The subsidiary Lusosider carries out transactions with derivatives to hedge its exposure against the euro-dollar fluctuation. As of June 30, 2012, the gross position was US$20,098 and the net position was US$29,934 (including the derivatives below).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) Outstanding transactions</FONT></B></P></DIV>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="35%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="35%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="19%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="8%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="8%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>Fair value</FONT></STRONG><BR><STRONG><FONT size=1 face=Arial>(market)</FONT></STRONG> </TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="8%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation (R$)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><STRONG><FONT size=1 face=Arial>Fair value</FONT></STRONG><BR><STRONG><FONT size=1 face=Arial>(market)</FONT></STRONG>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="19%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>maturity</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$ thousand)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>receivable</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$ thousand)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>receivable</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>BES</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10/31/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,517</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>66,134</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(62,820)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,314</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,208</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>38,017</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(34,049)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,968</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>DB</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11/30/2012</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,625</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>35,846</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(35,818)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="19%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>BNP</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,219</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(25,453)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,766</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>50,142</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>101,980</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(98,638)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,342</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>35,208</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>66,236</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(59,502)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6,734</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of outstanding transactions was recorded in the Company&#8217;s assets and totals R$3,342 as of June 30, 2012 (R$6,734 in assets as of December 31, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains or losses on these transactions as of June 30, 2012 are consolidated into the Company&#8217;s finance income (costs) as&nbsp; loss totaling R$523 (loss of R$9,629 as of June 30, 2011) (see note 25).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of the US dollar-to-real exchange swap</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of June 30, 2012 recognized in assets, amounting to R$11,929. The Company considered the scenarios below for the real-dollar parity volatility. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) R$-US$ parity of 1.5160;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% real appreciation) R$-US$ parity of 1.0107;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) R$-US$ parity of 2.5266;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% real depreciation) R$-US$ parity of 3.0320.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="30%"></TD>

   <TD width="15%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" colSpan=11 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Risk</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Notional</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>amount<BR>(US$ thousand)</STRONG></FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 1</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 2</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 3</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 4</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2.0213</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.5160</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.0107</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2.5266</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.0320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Net currency swap</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>78,202</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(39,517)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(79,035)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>39,517</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79,035</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Exchange position functional currency BRL</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,133,941</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(573,009)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,146,017)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>573,009</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,146,017</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(not including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f8f8f8 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated exchange position</FONT></B>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,212,143</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(612,526)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,225,052)</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>612,526</FONT>&nbsp;</TD>

   <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,225,052</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sensitivity analysis of the euro-to-dollar exchange swap</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of June 30, 2012 recognized in assets, amounting to R$1,534. The Company considered the scenarios below for the real-euro parity volatility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) R$-Euro parity of 1.9205;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% real appreciation) R$-Euro parity of 1.2803;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) R$-Euro parity of 3.2008;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% real depreciation) R$-Euro parity of 3.8409.</FONT></P>

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<P style="TEXT-ALIGN: right">Page 85 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<TR>

   <TD width="30%"></TD>

   <TD width="15%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right></TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right></TD></TR>

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   <TD width="30%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" colSpan=11 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" width="15%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Risk</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional<BR>amount<BR>(&#8364; thousand)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 1</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 2</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 3</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 4</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2.5606</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.9205</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.2803</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.2008</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.8409</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Net currency swap</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euro fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(90,000)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>57,614</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>115,227</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(57,614)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(115,227)</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Exchange position functional currency BRL</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euro fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76,474</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(48,955)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(97,910)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48,955</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97,910</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(not including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=12>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated exchange position</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euro fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(13,526)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,659</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,317</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,659)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,317)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of the dollar-to-euro swap</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of June 30, 2012 recognized in assets, amounting to R$3,342. The Company considered the scenarios below for the real-euro parity volatility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) Euro-dollar parity of 0.9501;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% real appreciation) Euro-dollar parity of 0.6334;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) Euro-dollar parity of 1.5835;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% real depreciation) Euro-dollar parity of 1.9002.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="30%"></TD>

   <TD width="15%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" colSpan=11 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Risk</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Notional</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>amount</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>(US$ thousand)</STRONG></FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 1</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 2</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 3</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Scenario 4</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.2668</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.9501</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.6334</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.5835</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.9002</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Net currency swap</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,142</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(15,880)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(31,760)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,880</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31,760</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Exchange position functional currency EUR</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(33,043)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,465</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,929</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,465)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(20,929)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(not including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="10%" align=right>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated exchange position</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>US dollar fluctuation</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,099</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,415)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,831)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,415</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,831</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(including exchange derivatives above)</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="10%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Interest rate risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Short- and long-term liabilities to indexed to floating interest rate and inflation indices. Due to this exposure, the Company undertakes derivative transactions to better manage these risks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Interest rate swap transactions (LIBOR to CDI)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The objective of these transactions is to hedge transactions indexed to US dollar LIBOR against fluctuations in Brazilian interest rates. Basically, the Company carried out </FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>swap</FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>s of its obligations indexed to the LIBOR, in which it receives interest of 1.25% p.a. on the notional value of the dollar (long position) and pays 96% of the CDI on the notional amount in reais of the contract date (short position). The notional amount of this swap as of June 30, 2012 is US$86,000,000, </FONT>


<FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>hedging an export prepayment transaction in the same amount. The gains and losses on these contracts are directly related to fluctuations in exchange rates (US$) and interest rates (LIBOR and CDI). In general, these are transactions conducted in the Brazilian over-the-counter market that have as counterparty a prime financial institution.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of June 30, 2012, the position of these contracts is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Outstanding transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TR>

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   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

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   <TD width="1%"></TD>

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   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="7%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=bottom width="20%" align=center>&nbsp;</TD>

   <TD vAlign=bottom width="1%" align=center></TD>

   <TD vAlign=bottom width="7%" align=center>&nbsp;</TD>

   <TD vAlign=bottom width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Notional amount</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>(US$ thousand)</STRONG></FONT></TD>

   <TD vAlign=bottom width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="15%" colSpan=3 align=center><STRONG><FONT size=1 face=Arial>Appreciation (R$)</FONT></STRONG></TD>

   <TD vAlign=bottom width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%" align=center><FONT size=1 face=Arial><STRONG>Fair value</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>(market) (R$)</STRONG></FONT></TD>

   <TD vAlign=bottom width="1%" align=center><FONT size=1 face=Arial><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%" align=center>&nbsp;</TD>

   <TD vAlign=bottom width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Notional amount</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>(US$ thousand)</STRONG></FONT></TD>

   <TD vAlign=bottom width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="15%" colSpan=3 align=center><STRONG><FONT size=1 face=Arial>Appreciation (R$)</FONT></STRONG></TD>

   <TD vAlign=bottom width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%" align=center><STRONG><FONT size=1 face=Arial>Fair value</FONT></STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG><FONT size=1 face=Arial>(market) (R$)</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="20%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>maturity</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2011</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle rowSpan=3 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle rowSpan=3 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>payable</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>maturity</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2011</FONT></B></TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle rowSpan=3 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle rowSpan=3 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=3 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=3 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>payable</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14/8/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>86,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>145,975</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(147,242)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,267)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13/2/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>107,500</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>182,432</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(184,556)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,124)</FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Settled transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="20%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD vAlign=middle width="7%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="23%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation in 2012</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=middle width="23%" colSpan=5 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Appreciation in 2011</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="7%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="20%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Counterparties</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Transaction</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>maturity</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$ thousand)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Paid in</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2012</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$ thousand)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Long</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Short</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>position (R$)</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>in 2011</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Impact on</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>P&amp;L in 2012</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD bgColor=#f2f2f2 width="7%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>02/13/2012</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>107,500</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>183,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(186,817)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,817)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>107,500</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>182,432</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(184,556)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,124)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,693)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>

   <TD width="1%" align=left><I><FONT size=1 face=Helvetica-Oblique,Arial,Helvetica,sans-serif></FONT></I></TD>

   <TD width="7%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>05/14/2012</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>107,500</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>183,135</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(186,082)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,947)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,947)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="7%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>366,135</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(372,899)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(6,764)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>182,432</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(184,556)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,124)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(4,640)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of outstanding transactions was recorded in the Company&#8217;s liabilities and totals R$1,267 as of June 30, 2012 (R$2,124 in liabilities as of December 31, 2011) and its effects are recognized in the Company&#8217;s finance income (costs) as loss totaling R$5,907 (loss of R$10,871 as of June 30, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of interest rate swaps (LIBOR to CDI)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of June 30, 2012 recognized in liabilities, amounting to R$1,267. The Company considered the scenarios below for the LIBOR (US$) and CDI interest rates volatility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="30%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="15%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="70%" colSpan=11 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD rowSpan=5 width="30%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=middle rowSpan=5 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Notional</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>amount</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(US$</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>thousand)</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="15%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Risk</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>25%</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>50%</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>25%</FONT></B></TD>

   <TD vAlign=middle rowSpan=5 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=5 width="10%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>50%</FONT></B></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>LIBOR-to-CDI interest rate swap</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>86,000</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(Libor) US$</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(13,513)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(15,916)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,513</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,916</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of changes in interest rates</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company considers the effects of a 5% increase or decrease in interest rates on its outstanding borrowings, financing and debentures as of June 30, 2012 in the consolidated interim financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 87 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="44%"></TD>

   <TD width="2%"></TD>

   <TD width="20%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Impact on profit or loss</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Changes in interest rates</FONT></B>&nbsp;</TD>

   <TD width="2%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>% p.a.</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" width="15%" align=center><STRONG><FONT size=1 face=Arial>6/30/2012</FONT></STRONG> </TD>

   <TD width="2%" align=center><STRONG><FONT size=1 face=Arial>&nbsp;</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center>&nbsp;<STRONG><FONT size=1 face=Arial>6/30/2011</FONT></STRONG> </TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="44%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>TJLP</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,517</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="44%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Libor</FONT>&nbsp;</TD>

   <TD width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 3px" width="20%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.73</FONT>&nbsp;</TD>

   <TD width="2%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 4px" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,307</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,129</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="44%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CDI</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="20%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8.38</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>57,345</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>61,772</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Share market price risks</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is exposed to the risk of changes in equity prices due to the investments made and classified as available-for-sale. Equity investments refer to blue chips traded on BOVESPA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table shows the impact of the net changes in the market value of financial instruments classified as available for sale on equity, in other comprehensive income. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<TR>

   <TD width="68%"></TD>

   <TD width="15%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" width="32%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other comprehensive income</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B></TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Net change in the fair value of financial</FONT>&nbsp;<FONT size=1 face=Helvetica>instruments classified as available for sale</FONT> </TD>

   <TD bgColor=#f2f2f2 width="15%" align=right>&nbsp;<FONT size=1 face=Helvetica>424</FONT> </TD>

   <TD bgColor=#f2f2f2 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right>&nbsp;<FONT size=1 face=Helvetica>(767,015)</FONT> </TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company considers as probable scenario the amounts recognized at market prices as of June 30, 2012. Sensitivity analysis is based on the assumption of maintaining as probable scenario the market values as of June 30, 2012. Therefore, there is no impact on the financial instruments classified as available for sale already presented above. The Company considered the scenarios below for volatility of the shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% appreciation of shares);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% appreciation of shares);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% devaluation of shares);</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- Scenario 4: (50% devaluation of shares);</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="35%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD>

   <TD width="1%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="64%" colSpan=9 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Impact on equity</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>

   <TD width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Probable</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>25%</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>50%</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp; </FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>25%</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>50%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="35%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Panatl&#226;ntica</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>424</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,737</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,475</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,737)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,475)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>424</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,737</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,475</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,737)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,475)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Credit risks</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The exposure to credit risks of financial institutions is in line with the parameters established in the financial policy. The Company adopts the practice of analyzing in detail the financial position of its customers and suppliers, establishing a credit limit and conducting ongoing monitoring of the outstanding balance.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As regards short-term investments, the Company only makes investments in institutions with low credit risk as rated by credit rating agencies. As part of the funds is invested in repos (repurchase agreements) backed by Brazilian government bonds, there is also exposure to Brazil&#8217;s sovereign risk.</FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company manages its capital structure to ensure that it will be capable of providing return to its shareholders and benefits to other stakeholders, and maintain an optimal capital structure to reduce this cost.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>V &#8211; Margin deposits </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company holds margin deposits totaling R$387,567 (R$407,467 as of December 31, 2011); this amount is invested at Deutsche Bank as guarantee of the derivative financial instrument contracts, specifically swaps between CSN Islands VIII and CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>16.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER PAYABLES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The group of other payables classified in current and non-current liabilities is comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="37%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD>

   <TD width="1%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="37%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Payables to related parties (Note 4 b and c )</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>243,313</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>185,176</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>989,777</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>458,094</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,084,095</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,094,453</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,710,238</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,736,132</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="37%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Unrealized losses on derivatives (Note 15 I)</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,801</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,971</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,267</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,124</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>356,497</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>373,430</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends and interest on capital payable to Company owners (Note 4 a)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>123,384</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>622,164</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>123,384</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>622,164</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="37%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends and interest on capital payable to non-controlling shareholders</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>113,997</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>306,760</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>116,271</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>305,717</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Advances from customers</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,116</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,868</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,389</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,862</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="37%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Taxes in installments</FONT>&nbsp;</TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>207,062</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>311,114</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>182,573</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>292,699</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,929,199</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,922,283</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,755,477</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,774,533</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Profit sharing - employees</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,524</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>131,755</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>52,800</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>117,806</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="7%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="37%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other payables</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>174,869</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,637</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,500</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45,781</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>220,093</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>203,354</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>107,145</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>122,529</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="37%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>958,066</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,728,445</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,533,961</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,862,247</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,589,884</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,593,520</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>9,572,860</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>9,633,194</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The nature of transactions with related parties is described in note 4.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>17.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TAXES IN INSTALLMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Tax Recovery Program (REFIS)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On November 26, 2009, the Company, its subsidiaries and jointly controlled entities joined the Tax Recovery Programs established by Law 11,941/09 and Provisional Measure 470/2009, aimed at settling tax liabilities through a special payment system and installment plan for the settlement of tax and social security obligations. Joining the special tax programs reduced the amount of fines, interest and legal charges previously due.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Management&#8217;s decision took into consideration matters already judged by higher courts, as well as the assessment of outside legal counsel regarding the possibility of favorable outcomes in the contingencies in progress.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The tax debts enrolled under Provisional Measure 470/09 were payable in 12 installments, starting November 2009. In July 2010, the Company elected to offset income tax and social contribution carryforwards against the last four installments of the installment plan, as allowed by relevant legislation.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In November 2009 and February 2010, the debts payable enrolled in the installment plan under Law 11,941/09, already recognized through provisions, were reviewed based on the reductions in debits set forth in special programs, according to the waiver date of administrative appeals or legal proceedings. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In June 2011, the Group companies consolidated the debts enrolled in the tax program set forth by Law 11,941/09, payable in 180 SELIC-adjusted installments. As a result of the consolidation, there was an adjustment to the provision in </FONT>


<FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>the second quarter of 2011, recognized in Company in line item &#8220;Finance income (costs)&#8221; and other expenses, before income tax and social contribution. </FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>With respect to judicial deposits linked to REFIS proceedings, the Company obtained a favorable opinion from the National Treasury Attorney General&#8217;s Office (PGFN) and the Federal Revenue Service (RFB) on the treatment given to the excess deposit generated after application of the reductions obtained for tax payment in cash. The balance of this excess deposit, which as of 30 June 30, 2012 was R$820,023 (R$806,103 as of December 31, 2011), is recognized in line item Credits with the PGFN, in other non-current assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Accordingly, the Company filed a request for offset the credits resulting from the offset against the debts backed by the related judicial deposits against the tax debts payable in installments under the REFIS program, Law 11,941/09, approved by the PGFN. (The Company awaits a reply to this request.)&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#1f497d face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of REFIS debts recorded in taxes in installments in current and non-current liabilities as of June 30, 2012 was R$1,987,848 (R$2,094,741 as of December 31, 2011) in consolidated and R$1,809,840 (R$1,928,872 as of December 31, 2011) in Company.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b)</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other tax installments (regular and other)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company and its subsidiaries also joined the Regular social security tax (INSS) installment plan and other plans. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of the debts arising from these tax installment plans, recorded in taxes in installments in current and non-current liabilities as of June 30, 2012, is R$148,413 (R$138,656 as of December 31, 2011) in consolidated and R$128,210 (R$138,360 as of December 31, 2011) in Company.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROVISIONS FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Claims of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Accrued</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Judicial</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Accrued</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Judicial</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>liabilities</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>deposits</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>liabilities</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>deposits</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Social security and labor</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>281,989</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,315</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>284,556</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>131,443</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>113,311</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58,659</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>102,486</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,909</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Environmental</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>210,563</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>372,485</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>86,014</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>353,778</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Judicial deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>29,504</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,928</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>612,769</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>604,963</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>479,962</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>563,058</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Legal obligations challenged in courts:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Salary premium for education</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income tax on &#8221;Plano Ver&#227;o&#8221;</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>337,765</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>345,676</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97,590</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,788</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>104,488</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,788</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>151,603</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>383,742</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>158,501</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>391,653</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>764,372</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>988,705</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>638,463</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>954,711</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total current</FONT></B>&nbsp;</TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>296,159</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>292,178</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total non-current</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>468,213</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>988,705</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>346,285</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>954,711</FONT></B>&nbsp;</TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Accrued</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Judicial</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Accrued</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Judicial</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>liabilities</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>deposits</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>liabilities</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>deposits</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Social security and labor</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>197,794</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>115,184</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>200,401</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>105,292</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>73,510</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,485</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>65,076</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>39,308</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Environmental</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>185,615</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>332,214</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>59,068</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>314,756</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Judicial deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,625</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,663</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>463,825</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>514,508</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>331,451</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>486,019</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Legal obligations challenged in courts:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Salary premium for education</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income tax on &#8221;Plano Ver&#227;o&#8221;</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>337,765</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>345,676</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96,039</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,788</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>102,965</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,788</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>150,052</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>383,742</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>156,978</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>391,653</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>613,877</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>898,250</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>488,429</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>877,672</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total current</FONT></B>&nbsp;</TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>228,730</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>225,997</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total non-current</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>385,147</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>898,250</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>262,432</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>877,672</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The changes in the provisions for tax, social security, labor, civil and environmental risks in the period ended June 30, 2012 were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="30%"></TD>

   <TD width="1%"></TD>

   <TD width="9%"></TD>

   <TD width="1%"></TD>

   <TD width="9%"></TD>

   <TD width="1%"></TD>

   <TD width="9%"></TD>

   <TD width="1%"></TD>

   <TD width="9%"></TD>

   <TD width="1%"></TD>

   <TD width="9%"></TD>

   <TD width="1%"></TD>

   <TD width="9%"></TD>

   <TD width="1%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="80%" colSpan=11 align=right></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="80%" colSpan=11 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Current + non-current</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=15>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" width="30%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Nature</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Additions</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Inflation</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>adjustment</STRONG></FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Utilization</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>244,515</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>124,257</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,191</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,797)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>362,166</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>220</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Social security</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>61,536</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>937</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,189</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(28)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,634</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Labor</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>223,020</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,871</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,563</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(13,099)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>217,355</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>198,894</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>204,615</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>102,486</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,873</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,255</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,303)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>113,311</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97,265</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>87,343</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Environmental</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>638,463</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>141,938</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,198</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(24,227)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>764,372</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>296,159</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>292,178</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=15>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=15>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="80%" colSpan=11 align=right></TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="80%" colSpan=11 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Current + non-current</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=15>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" width="30%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Nature</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Additions</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG>Inflation</STRONG><FONT size=3 face="Times New Roman"> <BR></FONT><STRONG>adjustment</STRONG></FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Utilization</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>216,046</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>124,257</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,997</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,633)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>335,667</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Social security</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>39,477</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>937</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,188</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(28)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,574</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Labor</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>160,924</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,301</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,103</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,108)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>155,220</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>155,220</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>160,921</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>65,076</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,892</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>823</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,281)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>73,510</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>73,510</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>65,076</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Environmental</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,906</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="9%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>488,429</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>139,387</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>7,111</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(21,050)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>613,877</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>228,730</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>225,997</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The provisions for tax, social security, labor, civil and environmental liabilities were estimated by management and are mainly based on the legal counsel&#8217;s assessment. Only proceedings for which the risk is classified as probable loss are </FONT>


<FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>accrued. Moreover, these provisions include tax liabilities resulting from contingencies filed by the Company, subject to SELIC (Central Bank&#8217;s policy rate).</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The Company and its subsidiaries are defendants in other administrative and judicial proceedings (tax, social security, labor, civil, and environmental), in the approximate amount of R$7,840,161, of which R$457,387 related to civil lawsuits, R$45,789 related to environmental lawsuits, and R$1,134,809 to labor and social security lawsuits. The assessments made by legal counsel define these administrative and judicial proceedings as entailing risk of possible loss and, therefore, no provision was recorded in conformity with Management&#8217;s judgment and accounting practices adopted in Brazil.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>As for the tax lawsuits these represent R$6,202,176, and R$1,757,520 from this total refers to the assessment notice issued against the Company for an alleged nonpayment of income tax (IRPJ) and social contribution on net income (CSLL) on profits recognized in the balance sheets of its foreign subsidiaries. In view of the recent changes in administrative and judicial decisions, our outside legal counsel classified the possibility of an unfavorable outcome as possible. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>a) Labor lawsuits</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>As of June 30, </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2012,&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> the Company and its subsidiaries are defendants in </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12,452 </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>labor lawsuits, for which a provision has been recorded in the amount of R$217,356 (R$223,020 as of December 31, 2011).</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> Most of the claims relate to subsidiary and/or joint liability, salary equalization, health hazard premiums and hazardous duty premiums, overtime pay, difference in the 40% fine for the severance pay fund (FGTS) as a result of federal government economic plans, health care plan, indemnity contingencies resulting from alleged occupational diseases or on-the-job accidents, and differences in profit sharing from 1997 to 1999 and from 2001 to 2003.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>b) Civil lawsuits</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Among the civil lawsuits in which the Company is a defendant are claims for compensation. Generally these lawsuits result from on-the-job accidents, occupational diseases and contractual litigation related to the&nbsp; industrial activities of the Company and its subsidiaries, real estate actions, healthcare plan, and reimbursement of costs incurred in labor courts. For lawsuits involving civil matters, a provision has been recognized in the amount of R$113,311 as of June 30, 2012 (R$102,486 as of December 31, 2011)</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>c) Tax lawsuits</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(i) &#8220;Ver&#227;o&#8221; Plan</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> - The Company is claiming the recognition of financial and tax effects on the calculation of income tax and social contribution, related to removal by the government of inflation measured according to the Consumer Price Index (IPC) in January and February 1989, involving a total percentage figure of 51.87% (&#8216;Summer Plan&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2004 the lawsuit was terminated with a final and unappealable decision that granted the right to apply the index of 42.72% (January 1989), with the 12.15% already applied to be deducted from this index. The final decision also granted application of the index of 10.14% (February 1989). The proceeding is currently at expert discovery stage.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of June 30, 2012, there is an amount of R$337,765 (R$345,676 as of December 31, 2011) deposited in court, classified in a specific account of judicial deposits in long-term receivables, and a provision of R$20,892 (R$20,892 as of December 31, 2011), which represents the portion not recognized by the courts.</FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Salary premium for education - "Sal&#225;rio Educa&#231;&#227;o"</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has filed a lawsuit challenging the constitutionality of the salary premium for education and for discussing the possibility of recovering the amounts paid in the period from January 5, 1989 to October 16, 1996. The lawsuit was unsuccessful, and the TRF upheld the decision unfavorable to CSN, a decision that is final and unappealable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In view of the final and unappealable decision, CSN tried to make payment of the amount due, though the FNDE and INSS did not reach an agreement as to which agency should receive it. They also required that the amount should be paid along with a fine, with which the Company did not agree.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Lawsuits were then filed challenging the above events, with judicial deposit of the amounts involved in the lawsuits. In the first lawsuit, the lower court partly accepted the Company&#8217;s request, with the judge deducting the fine, but upholding the SELIC rate, with counterarguments against the defendant&#8217;s appeal against the SELIC rate.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of June 30, 2012 the accrued totals R$33,121 (R$33,121 as of December 31, 2011) and the judicial deposit amounts to R$36,189 (R$36,189 as of December 31, 2011). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Other</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has also recognized provisions for lawsuits relating to INSS, FGTS Complementary Law 110, PIS Law 10,637/02 and PIS/COFINS - Manaus Free Trade Zone, totaling R$96,039 as of June 30, 2012 (R$102,965 as of December 31, 2011), which includes legal charges.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>d) Other</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Competition</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On June 14, 2010, the Regional Federal Court of Bras&#237;lia rejected the annulment action filed by CSN against CADE, which aimed at annulling its fine for the alleged infringements laid down in Articles 20 and 21, I, of Law 8,884/1984. The Company filed appropriate appeals against this decision, which were dismissed, resulting in the filing of a Motion for clarification, which is pending judgment. The collection of the R$65,292 fine is suspended by a Court decision, which stays the collection as from the date CSN issued a guarantee letter. This action is classified as risk of possible loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The environmental administrative/judicial proceedings filed against the Company include mainly administrative proceedings for alleged environmental irregularities and the regularization of environmental permits; at the judicial level, the Company is a party to actions collecting the fines imposed for such alleged environmental irregularities, and public civil actions claim regularization coupled with compensation, in most cases claiming environmental recovery. In general these proceedings arise from alleged damages to the environment related to the Company&#8217;s industrial activities. The environmental proceedings total R$6,906 (R$6,906 as of December 31, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>19.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND ASSET DECOMMISSIONING</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a) Environmental liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>As of June 30, </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2012,&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> a provision is recognized in the amount of R$346,293 in consolidated and R$339,577 in Company (R$312,612 and R$306,079 as of December 31, 2011, respectively) for expenditures relating to environmental investigation and recovery services for potentially contaminated areas surrounding establishments in the States of Rio de </FONT>


<FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Janeiro, Minas Gerais and Santa Catarina. Estimated expenditures will be reviewed periodically and the amounts already recognized will be adjusted whenever needed.&nbsp; These are management&#8217;s best estimates considering recovery studies in areas that have been degraded and are in the process of being used for activities. These provisions are recognized in operating expenses.</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The provisions are measured at the present value of the expenditures required to settle the obligation, using a pretax rate that reflects current market assessments of the time value of money and the specific risks of the obligation. The increase in the obligation due to passage of time is recognized as other operating expenses.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The long-term interest rate used to discount to present value and update the provision through June 30, 2012 was 11.00%. The liability recognized is periodically updated based on these discount rates plus the general market price index (IGPM) for the period.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b) Decommissioning of Assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Obligations on decommissioning of assets consist of estimated costs for decommissioning, retirement or restoration of areas upon the termination of activities related to mining resources. The initial measurement is recognized as a liability discounted to present value and subsequently through increase in expenses over time. &nbsp;The asset decommissioning cost equivalent to the initial liability is capitalized as part of the carrying amount of the asset, being depreciated over the useful life of the asset. The liability recognized as of June 30, 2012 is R$25,815 in consolidated and R$15,783 in Company (R$24,327 and R$15,148 as of December 31, 2011).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>20.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EQUITY</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i. Paid-in capital </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Fully subscribed and paid-in capital as of June 30, 2012 is R$4,540,000 (R$1,680,947 as of December 31, 2011) represented by 1,457,970,108 (1,457,970,108 as of December 31, 2010) book-entry common shares without par value. Each common share entitles its holder to one vote in Shareholders&#8217; Meetings. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii. Authorized capital</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s bylaws in effect as of June 30, 2012 determine that the capital can be raised to up to 2,400,000,000 shares by decision of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii. Legal reserve</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This reserve is recognized at the rate of 5% of the profit for each period, as provided for by Article 193 of Law 6,404/76, up to the ceiling of 20% of share capital.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv.</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Treasury shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of June 30, 2012, the Company did not have any treasury shares. On August 2, 2011, the Company approved the cancelation of 25,063,577 existing treasury shares without decreasing capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>v. Ownership structure</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of June 30, 2012, the Company&#8217;s ownership structure was as follows:</FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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   <TD width="42%" align=left>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>

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   <TD width="42%" align=left>&nbsp;</TD>

   <TD width="1%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Number of</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>% of total</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 4px" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Number of</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>

   <TD width="12%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>% of total</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>common shares</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>shares</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>common shares</FONT>&nbsp;</TD>

   <TD width="1%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>shares</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vicunha Siderurgia S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>697,719,990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>47.86%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>697,719,990</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>47.86%</FONT>&nbsp;</TD></TR>

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   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Rio Iaco Participa&#231;&#245;es S.A. (*)</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58,193,503</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.99%</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58,193,503</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.99%</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Caixa Beneficente dos Empregados da CSN - CBS</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,788,231</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.88%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,788,231</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.88%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>BNDES Participa&#231;&#245;es S.A. - BNDESPAR</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,509,316</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.89%</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31,773,516</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2.18%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>JP Morgan Chase Bank - ADRs</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>372,942,803</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25.58%</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>373,772,695</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25.64%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>BOVESPA</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>288,816,265</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19.80%</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>283,722,173</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19.45%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,457,970,108</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,457,970,108</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Treasury shares</FONT>&nbsp;</TD>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total shares</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,457,970,108</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,457,970,108</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="12%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Rio Iaco Participa&#231;&#227;o S. A. is a company part of the control group.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>21.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INTEREST ON CAPITAL </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company recorded interest on capital amounting to R$237,978 as of June 30, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The calculation of interest on capital is based on the Long-Term Interest Rate (TJLP) fluctuation on equity, limited to 50% of pretax profit for the period or, according to prevailing legislation, the higher of 50% of retained earnings and profit reserves.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In compliance with CVM Resolution 207 of December 31, 1996 and tax regulations, the company elected to account for proposed interest on capital as a contra entry to finance costs and reverse it from the same line item. Therefore, interest on capital is not stated in the income statement and does not affect profit, except for the tax effects recognized in income tax and social contribution line items. Management will propose that the amount of interest on capital be attributed to the mandatory minimum dividends.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 95 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <TD vAlign=top width="68%">

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>22.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>NET SALES REVENUE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net sales revenue is comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B></TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,405,447</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,738,530</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,031,469</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,561,761</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,175,912</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,996,432</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,840,478</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,639,112</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>9,581,359</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>9,734,962</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,871,947</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,200,873</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Deductions</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Canceled sales and discounts</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(172,140)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(106,001)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(81,703)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(78,767)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Taxes levied on sales</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,376,653)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,516,761)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(653,417)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(798,914)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,548,793)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,622,762)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(735,120)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(877,681)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Net revenue</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,032,566</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,112,200</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,136,827</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,323,192</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B></TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,840,180</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,149,258</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,919,153</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,255,169</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>522,826</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>704,670</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>300,621</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>359,712</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6,363,006</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6,853,928</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,219,774</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,614,881</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Deductions</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Canceled sales and discounts</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(167,329)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(93,046)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(76,442)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(68,208)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Taxes levied on sales</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,229,773)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,370,279)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(586,884)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(726,235)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,397,102)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,463,325)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(663,326)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(794,443)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Net revenue</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,965,904</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,390,603</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,556,448</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,820,438</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 96 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <TD vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader105"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>23.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EXPENSES BY NATURE</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

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   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Raw materials and inputs</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,395,368)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,626,792)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,235,629)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(934,960)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Labor cost</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(821,739)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(702,390)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(436,508)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(374,355)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Supplies</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(559,931)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(527,840)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(276,346)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(284,392)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Maintenance cost (services and materials)</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(574,981)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(660,898)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(293,561)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(337,766)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Outsourced services</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,119,816)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(901,847)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(566,212)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(448,804)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation, amortization and depletion</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(576,032)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(456,242)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(290,861)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(241,629)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(327,133)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(390,038)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(208,470)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(170,002)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(6,375,000)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,266,047)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(3,307,587)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,791,908)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Classified as:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of sales</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,733,653)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,720,300)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,981,047)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,487,472)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Selling expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(359,499)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(265,769)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(178,504)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(145,767)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>General and administrative expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(281,848)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(279,978)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(148,036)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(158,669)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(6,375,000)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,266,047)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(3,307,587)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,791,908)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Raw materials and inputs</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,623,473)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,432,183)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(781,934)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(791,956)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Labor cost</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(514,728)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(502,156)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(268,898)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(270,673)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Supplies</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(445,821)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(428,219)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(218,124)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(233,244)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Maintenance cost (services and materials)</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(473,771)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(572,615)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(242,783)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(287,604)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Outsourced services</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(427,945)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(408,148)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(225,236)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(201,723)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation, amortization and depletion</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(443,490)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(365,079)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(224,887)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(194,931)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(217,127)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(244,417)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(151,784)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(91,030)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(4,146,355)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(3,952,817)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,113,646)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,071,161)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Classified as:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of sales</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,831,525)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,588,938)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,944,371)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,862,257)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Selling expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(147,297)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(178,132)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(79,093)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(97,030)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>General and administrative expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(167,533)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(185,747)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(90,182)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(111,874)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(4,146,355)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(3,952,817)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,113,646)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,071,161)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Included increase/decrease in finished products and work in process.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 97 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <TD vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>24.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER OPERATING INCOME (EXPENSES) </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other operating income</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sale of Riversdale shares (Note 11)</FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>698,164</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>698,164</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>PIS/COFINS/ICMS untimely credits</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,689</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,689</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Discount to present value - taxes</FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,323</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,683</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lawsuit indemnities/wins</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,477</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,332</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,041</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>652</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Rentals and leases</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,866</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,240</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,010</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>677</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Reversal of provisions</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,171</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,808</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,051</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,703</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,830</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,809</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>57,254</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>736,570</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>44,570</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>720,985</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other operating expenses</FONT></B>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Taxes and fees</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(55,672)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(25,775)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(44,909)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(14,505)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect of REFIS - Law 11,941/09 and MP 470/09</FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(16,119)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(16,119)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Provisions for tax, social security, labor and civil for contingencies, net of reversals</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(191,119)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(50,388)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(166,637)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,760)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Contractual, nondeductible fines</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(57,734)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(25,717)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(49,762)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,177</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fixed cost of equipment stoppages</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(18,768)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(15,998)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,447)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,697)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Write-off of obsolete assets</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(37,189)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(20,426)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(23,599)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,289)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Expenses on studies and project engineering</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(25,241)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,133)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,976)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,754)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Pension plan (Note 28 c)</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,256)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(33,192)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,133</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(16,764)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Healthcare plan (Note 28 d)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,054)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,671)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,268)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,396)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Impairment of available-for-sale security (Note 15 II)</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,022,793)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,022,793)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(21,205)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(34,947)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>988</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(32,231)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,452,031)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(257,366)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,327,270)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(116,338)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other operating income (expenses)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,394,777)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>479,204</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,282,700)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>604,647</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other operating income</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sale of securities</FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>116,336</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>116,336</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>PIS/COFINS/ICMS untimely credits</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,652</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,652</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lawsuit indemnities/wins</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,469</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>956</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,009</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>461</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Rentals and leases</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,712</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,660</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>856</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>835</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Reversal of provisions</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>38,761</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,750</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Discount to present value - taxes</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,323</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,683</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,580</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,105</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,978</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,256</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>71,174</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>131,380</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>43,245</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>126,571</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other operating expenses</FONT></B>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Taxes and fees</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,835)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,905)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,835)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,050)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect of REFIS - Law 11,941/09 and MP 470/09</FONT>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(16,119)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(16,119)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Provisions for tax, social security, labor and civil for contingencies, net of reversals</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(171,772)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(56,676)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(155,069)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,087)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Contractual, nondeductible fines</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(59,189)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(33,619)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(50,390)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,786</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fixed cost of equipment stoppages</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(13,792)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(14,744)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,085)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,947)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Write-off of obsolete assets</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(16,737)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,250)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,221)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(210)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Expenses on studies and project engineering</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(23,101)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,133)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,475)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,754)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Pension plan</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,218)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(31,005)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,025</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(15,660)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Healthcare plan</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,043)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,665)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,267)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,387)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Impairment of available-for-sale security</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,245,024)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,245,024)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(15,769)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(25,157)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,461</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(21,262)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,573,480)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(225,273)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,477,880)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(81,690)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other operating income (expenses)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,502,306)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(93,893)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,434,635)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>44,881</FONT></B>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 98 of 117</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</DIV></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>25.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>FINANCE INCOME (COSTS)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR>

   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B></TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Finance income:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,439</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,661</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,662</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income from short-term investments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>130,890</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>251,713</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,880</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>152,296</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>59,977</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,536</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,179</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34,052</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>197,306</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>328,910</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>89,721</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>189,828</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Finance costs:</FONT></B>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Borrowings and financing - foreign currency</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(344,664)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(354,522)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(186,446)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(173,947)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Borrowings and financing - local currency</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(837,427)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(616,455)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(397,163)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(348,037)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(197,134)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(192,181)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(98,038)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(96,468)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Capitalized interest</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>202,807</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>143,069</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,281</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>72,201</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>PIS/COFINS on other income</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(507)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(603)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(233)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(311)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Losses on derivatives (*)</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,907)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,871)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,388)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,617)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect of REFIS - Law 11,941/09 and MP 470/09</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(77,335)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(77,335)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest, fines and late payment charges</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(90,515)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(129,439)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(43,247)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(87,419)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other finance costs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(86,796)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(85,307)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(49,984)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(42,532)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,360,143)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,323,644)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(677,218)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(759,465)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Inflation adjustments:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Gains</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,010</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>908</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,172</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>169</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Losses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(92,200)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,804)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(72,580)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(762)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(86,190)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,896)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(68,408)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(593)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Exchange gains (losses):</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- On assets</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>881,844</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(669,551)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,101,973</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(405,259)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- On liabilities</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(600,553)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>736,466</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(809,211)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>450,289</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Exchange gains (losses) on derivatives (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,637</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(237,385)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45,205</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(124,464)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>302,928</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(170,470)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>337,967</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(79,434)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Inflation adjustment and exchange gains (losses), net</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>216,738</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(173,366)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>269,559</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(80,027)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Finance costs, net</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(946,099)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,168,100)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(317,938)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(649,664)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f2f2f2 width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="100%" colSpan=8 align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(*) Statement of gains and losses on derivative transactions</FONT></B> <B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CDI to USD swap</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,306</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(212,129)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,158</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(115,338)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>EUR to USD swap</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,854</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(15,627)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,277</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,079)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(523)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,629)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>770</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,047)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>21,637</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(237,385)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>45,205</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(124,464)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Libor to CDI swap</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,907)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,871)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,388)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,617)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,907)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(10,871)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,388)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,617)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>15,730</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(248,256)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>42,817</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(130,081)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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   <TD width="42%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

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   <TD width="2%"></TD>

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   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B></TD>

   <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>

   <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Finance income:</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>63,484</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,777</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>57,964</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income from short-term investments</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,367</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,309</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,279</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,076</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>47,345</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31,910</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,166</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,044</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>123,196</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>110,996</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>76,409</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>49,570</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Finance costs:</FONT></B>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Borrowings and financing - foreign currency</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(38,185)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(45,515)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(16,456)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(22,147)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Borrowings and financing - local currency</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(644,037)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(481,624)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(304,186)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(279,410)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(723,160)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(864,136)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(368,915)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(428,625)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Capitalized interest</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,711</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>95,025</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,700</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48,502</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>PIS/COFINS on other income</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(507)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(603)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(233)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(311)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Losses on derivatives (*)</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,907)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,871)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,388)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,617)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect of REFIS - Law 11,941/09 and MP 470/09</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(77,335)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=left></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(77,335)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest, fines and late payment charges</FONT>&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(86,522)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(122,728)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(41,469)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(83,595)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other finance costs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(80,214)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(69,075)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(53,212)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(36,337)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,442,821)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,576,862)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(718,159)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(884,875)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Inflation adjustments:</FONT></B>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Gains</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,405</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>870</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,055</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>148</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- Losses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,053)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,399)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,424)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,876)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,648)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,529)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(8,369)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(3,728)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Exchange gains (losses):</FONT></B>&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%" align=left></TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- On assets</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>280,958</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(55,747)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>330,316</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(36,810)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>- On liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(631,379)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>523,738</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(854,662)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>343,368</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(350,421)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>467,991</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(524,346)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>306,558</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Inflation adjustment and exchange gains (losses), net</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(356,069)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>462,462</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(532,715)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>302,830</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Finance costs, net</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,675,694)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,003,404)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,174,465)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(532,475)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#f2f2f2 width="100%" colSpan=8>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="100%" colSpan=8 align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(*) Statement of gains and losses on derivative transactions</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Libor to CDI swap</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,907)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,871)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,388)</FONT>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,617)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,907)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(10,871)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,388)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,617)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="42%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,907)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(10,871)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(2,388)</FONT></B>&nbsp;</TD>

   <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(5,617)</FONT></B>&nbsp;</TD></TR></TABLE>

<P></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<a name="_bclHeader109"></a><DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>26.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SEGMENT INFORMATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the Company&#8217;s structure, its businesses are distributed into five (5) operating segments. Accordingly, we analyzed our information by segment as follows:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Steel Segment consolidates all the operations related to the production, distribution and sale of flat steel, long steel, metallic packaging and galvanized steel, with operations in Brazil, the United States, Portugal and Germany. This segment supplies the following markets: construction, steel packaging for the Brazilian chemical and food industries, home appliances, automobile and OEM (motors and compressors). The Company&#8217;s steel units produce hot and cold rolled steel, galvanized and pre-painted steel of great durability. They also produce tinplate, a raw material used to produce metallic packaging. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Overseas, Lusosider, which is based in Portugal, also produces metal sheets, as well as galvanized steel. CSN LLC in the U.S.A. meets local market needs by supplying cold rolled and galvanized steel.&nbsp; In January 2012, CSN acquired Stahlwerk Th&#252;ringen, a manufacturer of long steel located in Unterwellenborn, Germany. SWT is specialized in the production of shapes used for construction and has an installed production capacity of 1.1 million metric tons of steel/year. &nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>For 2013, it is slated to begin production of long steel products. The initial production slated, of 500,000 metric tons per year, will consolidate the company as a source of complete construction solutions, complementing its portfolio of products with high added value in the steel chain. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This segment encompasses the activities of iron ore and tin mining. The high&#8211;quality iron ore operations are located in the Iron Quadrilateral in MG, the Casa de Pedra mine in Congonhas, MG, that produces high quality iron ore, as well as the Company&#8217;s subsidiary Nacional Min&#233;rios S.A. (Namisa), which has its own mines, also of excellent quality, and also sells third party iron ore. Furthermore, CSN also owns Estanho de Rond&#244;nia S.A. (ERSA), a company that has both tin mining and casting units. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN holds the concession to operate TECAR, a solid bulk terminal, one of the four terminals that comprise the Itagua&#237; Port, in Rio de Janeiro. Coal and coke imports are carried out through this terminal.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistics </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i. Railroad</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;CSN has equity interests in two railroad companies: MRS Log&#237;stica S.A., which manages the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and Transnordestina Log&#237;stica S.A., which operates the former Northeast Network of RFFSA in the States of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) MRS </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The railroad transportation services provided by MRS are based on the supply of raw materials and the shipment of final products. The total amount of iron ore, coal and coke consumed by the Presidente Vargas Mill is carried by MRS, as is part of the steel produced by CSN for the domestic market and for export. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Southeast Brazilian railroad system, encompassing 1,674 kilometers of tracks, serves the tri-state industrial area of S&#227;o Paulo-Rio de Janeiro-Minas Gerais, linking the mines located in Minas Gerais to the ports located in S&#227;o Paulo and Rio de Janeiro, and the steel mills of CSN, Companhia Sider&#250;rgica Paulista (or Cosipa) and Gerdau A&#231;ominas.&nbsp; Besides serving other customers, the railroad system carries iron ore from the Company&#8217;s mines in Casa de Pedra, Minas Gerais, and coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, and carries CSN&#8217;s export products to the </FONT>

<FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ports of Itagua&#237; and Rio de Janeiro. Its volumes of cargo carried account for approximately 28% of the total volume carried by the Southeast railroad system. </FONT></P>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Transnordestina Log&#237;stica</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Together, CSN and the federal government will be making investments for implementation of the Transnordestina Project for construction of around 1,728 km of new lines. The work on this project, slated for conclusion in 2013, further includes complementing and renewing part of the infrastructure (or lines) of the concession held by Transnordestina Log&#237;stica, which will be expanded from the nearly 2,600 kilometers of track presently operating to around 4,300 kilometers.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Transnordestina Log&#237;stica S.A. has a 30-year concession granted in 1998 to operate the Northeastern Brazil railroad system. This railway system covers 4,238 kilometers of railroads in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.&nbsp; Moreover, it links up the main ports in the region, thus providing an important competitive advantage by means of opportunities for combined transportation solutions and logistics projects tailored to customer needs.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The project underway will increase the transportation capacity of Transnordestina Log&#237;stica 20-fold, bringing it up the level of the most modern railroads in the entire world. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>With its new configuration, Transnordestina will become the best logistics option for export of grains through the Pec&#233;m and Suape ports, as well as other solid bulk cargos such as iron ore from the Northeast Region, playing an important role in the region&#8217;s development.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii. Ports</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Port logistics segment consolidates the operation of the terminal built during the post-privatization period of the ports, Sepetiba Tecon. The Sepetiba terminal features complete infrastructure to meet all the needs of exporters, importers and ship-owners. Its installed capacity exceeds that of most other Brazilian terminals. It has excellent depths of 14.5 meters in the mooring berths and a huge storage area, as well as the most modern and appropriate equipment, systems and intermodal connections.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s constant investment in projects in the terminals consolidates the Itagua&#237; Port Complex as one of the most modern in Brazil, at present with capacity for handling 480 thousand containers and 30 million metric tons per year of bulk cargo.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Energy</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN is one of the largest industrial consumers of electric power in Brazil. As energy is fundamental to its production process, the Company invests in assets for generation of electric power to guarantee its self-sufficiency. These assets are as follows: It&#225; hydroelectric power plant, in the State of Santa Catarina, with rated capacity of 1,450 MW, where CSN has a share of 29.5%; Igarapava hydroelectric power plant, Minas Gerais, with rated capacity of 210 MW, in which CSN holds of 17.9% of the capital; and a thermoelectric co-generation Central Unit with rated capacity of 238 MW, which has been operating at the UPV since 1999. For fuel the Central Unit uses the residual gases produced by the steel mill itself. Through these three power generation assets, CSN obtains total rated capacity of 430 MW.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The cement division consolidates the Company&#8217;s cement production, distribution and sales operations, which use the slag produced by the Volta Redonda plant&#8217;s blast furnaces.&nbsp; In 2011, the clinker used in cement production was acquired </FONT>


<FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>from third parties; however, at the end of 2011, with the completion of the first stage of the Arcos Clinker plant, MG, this plant already supplied the milling needs of CSN Cimentos in Volta Redonda.</FONT></P>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The information presented to Management regarding the performance of each business segment is generally derived directly from the accounting records, combined with some intercompany allocations. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sales by geographic area</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sales by geographic area are determined based on the customers&#8217; location. On a consolidated basis, domestic sales are represented by revenues from customers located in Brazil and export sales are represented by revenues from customers located abroad.</FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Energy</FONT></STRONG>&nbsp;&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Cement</FONT></STRONG> </TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Corporate</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>expenses/</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>elimination</FONT></B>&nbsp;</TD>

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   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Railroads</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Revenues and expenses</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Metric tons (thou.) - (not reviewed) (*)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,734,484</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,729,429</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>930,696</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,902,972</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>330,419</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,879</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>511,149</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>112,244</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>180,737</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(227,190)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,878,210</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,147,675</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,006,681</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,154,356</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,050,647</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,337,100</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>67,879</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>511,149</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>112,244</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>180,737</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(227,190)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,032,566</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of sales and services</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,239,659)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,109,549)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(40,380)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(358,158)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(65,641)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(144,130)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>223,864</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,733,653)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Gross profit</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>810,988</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,227,551</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>27,499</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>152,991</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>46,603</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>36,607</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(3,326)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,298,913</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(251,814)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(124,456)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,025)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(45,741)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,990)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(36,414)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(161,907)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(641,347)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>377,659</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>93,178</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,205</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,919</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,721</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,324</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,026</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>576,032</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>936,833</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,196,273</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>20,679</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>176,169</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>44,334</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>13,517</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(154,207)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,233,598</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=16>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Mining</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Energy</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Cement</FONT></STRONG> </TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Corporate</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>expenses/</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>elimination</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Ports</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Railroads</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Sales by geographical area</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,283</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,469,897</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,475,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>302,780</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>302,780</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT size=1 face=Arial>Latin</FONT>&nbsp;America</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96,833</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96,833</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>733,963</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>536,783</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,270,746</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,817</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,817</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Foreign market</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,147,676</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,006,680</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,154,356</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Domestic market</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,902,972</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>330,419</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>67,879</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>511,149</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>112,244</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>180,737</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(227,190)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,878,210</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,050,648</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,337,099</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>67,879</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>511,149</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>112,244</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>180,737</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(227,190)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,032,566</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=16>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=16>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Mining</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Energy</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Cement</FONT></STRONG> </TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Corporate</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>expenses/</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>elimination</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Ports</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Railroads</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Revenues and expenses</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Metric tons (thou.) - (not reviewed) (*)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,412,311</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,513,599</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>464,954</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,967,516</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>186,887</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>35,264</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>262,881</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>57,496</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>93,987</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(107,416)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,496,615</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>683,997</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>956,215</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,640,212</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,651,513</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,143,102</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>35,264</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>262,881</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>57,496</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>93,987</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(107,416)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,136,827</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of sales and services</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,233,947)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(535,370)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(20,288)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(183,108)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(33,297)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(78,741)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>103,704</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,981,047)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Gross profit</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>417,566</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>607,732</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>14,976</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>79,773</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>24,199</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>15,246</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(3,712)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,155,780</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(136,177)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(47,962)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,012)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(24,095)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,415)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,564)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(90,315)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(326,540)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>189,618</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>46,856</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,662</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,785</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,343</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,972</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,625</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>290,861</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>471,007</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>606,626</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>11,626</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>88,463</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>23,127</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,654</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(86,402)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,120,101</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=16>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Mining</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Energy</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Cement</FONT></STRONG> </TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Corporate</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>expenses/</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>elimination</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Ports</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Railroads</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Sales by geographical area</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,283</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>673,618</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>678,901</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>172,070</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>172,070</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT size=1 face=Arial>Latin</FONT>&nbsp;America</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>62,301</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>62,301</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>440,510</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>282,597</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>723,107</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,833</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,833</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Domestic market</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>683,997</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>956,215</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,640,212</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Foreign market</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,967,516</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>186,887</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>35,264</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>262,881</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>57,496</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>93,987</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(107,416)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,496,615</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,651,513</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,143,102</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>35,264</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>262,881</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>57,496</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>93,987</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(107,416)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,136,827</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and jointly controlled entities (Namisa 60%).</FONT></P>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Mining</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Energy</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Cement</FONT></STRONG> </TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Corporate</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>expenses/</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>elimination</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Ports</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Railroads</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Revenues and expenses</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Metric tons (thou.) - (not reviewed) (*)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,519,530</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,953,278</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>763,737</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,117,348</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>444,905</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,520</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>488,205</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>65,658</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>145,225</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(198,899)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,130,962</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>699,866</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,288,452</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,080)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,981,238</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,817,214</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,733,357</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>68,520</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>488,205</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>65,658</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>145,225</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(205,979)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,112,200</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of sales and services</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,461,784)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(941,618)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(41,240)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(306,846)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(29,367)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(109,171)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>169,726</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,720,300)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Gross profit</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,355,430</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,791,739</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>27,280</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>181,359</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>36,291</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>36,054</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(36,253)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,391,900</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(231,056)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(37,653)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,656)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(39,827)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,215)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(30,995)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(185,345)</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(545,747)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>301,598</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>78,046</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,805</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>51,849</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,250</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,536</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,158</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>456,242</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,425,972</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,832,132</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>21,429</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>193,381</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>35,326</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>14,595</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(220,440)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,302,395</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=16>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Mining</FONT></B></TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Energy</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Cement</FONT></STRONG> </TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Corporate</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>expenses/</FONT></B><BR><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>elimination</FONT></B>&nbsp;</TD>

   <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Ports</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Railroads</FONT></B>&nbsp;</TD>

   <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Sales by geographic area</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,707</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,019,421</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,026,128</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>247,121</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>247,121</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Latin America</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>66,242</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>66,242</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>365,491</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>269,031</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>634,522</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,305</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD width="1%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,080)</FONT>&nbsp;</TD>

   <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Foreign market</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>699,866</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,288,452</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(7,080)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,981,238</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Domestic market</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,117,348</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>444,905</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>68,520</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>488,205</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>65,658</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>145,225</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(198,899)</FONT></B>&nbsp;</TD>

   <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>5,130,962</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,817,214</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,733,357</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>68,520</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>488,205</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>65,658</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>145,225</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(205,979)</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,112,200</FONT></B>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: right">Page 104 of 117</P>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>
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     <TD width="29%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>
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     <TD width="29%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Mining</FONT></B></TD>
     <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>
     <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Energy</FONT></STRONG>&nbsp;&nbsp;</TD>
     <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Cement</FONT></STRONG> </TD>
     <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Corporate</FONT></B><BR>
<B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>expenses/</FONT></B><BR>
<B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>elimination</FONT></B>&nbsp;</TD>
     <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>
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     <TD width="29%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Ports</FONT></B>&nbsp;</TD>
     <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Railroads</FONT></B>&nbsp;</TD>
     <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
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     <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Revenues and expenses</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>
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     <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Metric tons (thou.) - (not reviewed) (*)</FONT>&nbsp;</TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,299,539</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,829,002</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>434,885</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD></TR>
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     <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Revenues</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 12px" width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,151,979</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>250,320</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31,795</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>256,115</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>36,761</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>82,656</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(119,471)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,690,155</FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 12px" width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>360,570</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,273,521</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,054)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,633,037</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>&nbsp;</TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,512,549</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,523,841</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>31,795</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>256,115</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>36,761</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>82,656</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(120,525)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,323,192</FONT></B>&nbsp;</TD></TR>
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     <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of sales and services</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,826,628)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(505,792)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(20,556)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(161,403)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(19,461)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(59,890)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>106,258</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,487,472)</FONT>&nbsp;</TD></TR>
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     <TD width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Gross profit</FONT></B>&nbsp;</TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>685,921</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,018,049</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>11,239</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>94,712</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>17,300</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>22,766</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(14,267)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,835,720</FONT></B>&nbsp;</TD></TR>
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     <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>General and administrative expenses</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(113,464)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(19,632)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,464)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(19,597)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,147)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(19,391)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(121,741)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(304,436)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>160,745</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>41,893</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,399</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,055</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,624</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,716</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>197</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>241,629</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>733,202</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,040,310</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,174</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>101,170</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>16,777</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>9,091</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(135,811)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,772,913</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=16>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="71%" colSpan=15 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Mining</FONT></B></TD>
     <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" vAlign=middle width="17%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>
     <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Energy</FONT></STRONG>&nbsp;&nbsp;</TD>
     <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><STRONG><FONT size=1 face=Arial>Cement</FONT></STRONG> </TD>
     <TD vAlign=middle rowSpan=2 width="1%" align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Corporate</FONT></B><BR>
<B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>expenses/</FONT></B><BR>
<B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>elimination</FONT></B>&nbsp;</TD>
     <TD vAlign=middle rowSpan=2 width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle rowSpan=2 width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Ports</FONT></B>&nbsp;</TD>
     <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="8%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Railroads</FONT></B>&nbsp;</TD>
     <TD vAlign=middle width="1%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Sales by geographic area</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="8%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,623</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,084,166</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,089,789</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>127,039</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>127,039</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Latin America</FONT>&nbsp;</TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>38,151</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>38,151</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>180,153</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>189,355</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>369,508</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,604</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&nbsp;</TD>
     <TD width="1%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,054)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,550</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Foreign market</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>360,570</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,273,521</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,054)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,633,037</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Domestic market</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,151,979</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>250,320</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>31,795</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>256,115</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>36,761</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>82,656</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(119,471)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,690,155</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="29%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,512,549</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,523,841</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>31,795</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>256,115</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>36,761</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>82,656</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(120,525)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="8%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>4,323,192</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and jointly controlled entities (Namisa 60%).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<P><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The adjusted EBITDA consists of profit for the year plus net finance income (costs), income tax and social contribution, depreciation and amortization, and other operating income (expenses), which are deducted because they mainly refer to non-recurring items of the operation.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s executive officers use Adjusted EBITDA as a tool to measure the recurring operating cash generation capacity, as well as a means for allowing it to make comparisons with other companies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="42%"></TD>
     <TD width="13%"></TD>
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     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>
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     <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,233,598</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,302,395</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,120,101</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,772,913</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(576,032)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(456,242)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(290,861)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(241,629)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other operating income (expenses)(Note 24)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,394,777)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>479,204</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,282,700)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>604,647</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Finance costs (Note 25)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(946,099)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,168,100)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(317,938)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(649,664)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Profit before taxes</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,683,310)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,157,257</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,771,398)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,486,267</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income tax and social contribution (Note 9)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>727,504</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(404,400)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>722,957</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(349,105)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Profit for the period</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(955,806)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,752,857</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(1,048,441)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,137,162</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>27.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EARNINGS PER SHARE (EPS)&nbsp;&nbsp; </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share:</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Basic earnings per share have been calculated based on the profit attributable to the owners of CSN divided by the weighted average number of common shares outstanding during the year (after the stock split), excluding the common shares purchased and held as treasury shares, as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="42%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B></TD>
     <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Common shares</FONT></B></TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Common shares</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Profit for the period</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Attributed to owners of the Company</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(921,666)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,756,003</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,032,360)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,138,484</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Attributed to non-controlling interests</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(34,140)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,146)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(16,081)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,322)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Weighted average number of shares</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Basic and diluted earnings per share</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(0.63216)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.20442</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(0.70808)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.78087</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="58%" colSpan=7 align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Six-month period ended</FONT></B></TD>
     <TD width="2%" align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT color=#333333 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Three-month period ended</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Common shares</FONT></B></TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Common shares</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Profit for the period</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=left></TD>
     <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=left></TD>
     <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=left></TD>
     <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Attributed to owners of the Company</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(921,666)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,756,003</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,032,360)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,138,484</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Weighted average number of shares</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Basic and diluted earnings per share</FONT></B>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(0.63216)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.20442</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(0.70808)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.78087</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
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     <TD vAlign=top width="68%">
<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
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     <TD vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>Version 1</FONT><B>&nbsp;</B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<P><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>28.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EMPLOYEE BENEFITS&nbsp;&nbsp; </FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The pension plans granted by the Company cover substantially all employees. The plans are administered by Caixa Beneficente dos Empregados da CSN (&#8216;CBS&#8221;), which is a private non-profit pension fund established in July 1960. The </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>members of CBS are employees&#8212;and former employees&#8212;of the Company and some subsidiaries that joined the fund through an agreement, and the employees of CBS itself. The Executive Officers of CBS is comprised of a CEO and two other executive officers, all appointed by CSN, which is the main sponsor of CBS. The Decision-Making Board is the higher decision-making and guideline-setting body of CBS, presided over by the president of the pension fund and made up of ten members, six chosen by CSN in its capacity as main sponsor of CBS and four elected by the fund&#8217;s participants.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Until December 1995, CBS Previd&#234;ncia administered two defined benefit plans based on years of service, salary and Social Security benefits. On December 27, 1995 the then Private Pension Secretariat (&#8220;SPC&#8221;) approved the implementation of a new benefit plan, effective beginning that date, called Mixed Supplementary Benefit Plan (&#8216;Mixed Plan&#8221;), structured in the form of a variable contribution plan. Employees hired after that date were only entitled to join the new Mixed Plan. In addition, all active employees who were participants of the old defined benefits plans had the opportunity to switch to the new Mixed Plan. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of June 30, 2012 CBS had 33,061 participants (31,482 as of December 31, 2011), of whom 18,256 were active contributors (16,603 as of December 31, 2011), 9,634 were retired employees (9,705 as of December 31, 2011), and 5,171 were related beneficiaries (5,174 as of December 31, 2011). Out of the total participants as of June 30, 2012, 13,561 belonged to the defined benefit plan and 19,500 to the mixed plan.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The plan assets of CBS are primarily invested in repurchase agreements (backed by federal government bonds), federal securities indexed to inflation, shares, loans and real estate. As of June 30, 2012 CBS held 12,788,231 common shares of CSN (12,788,231 common shares as of December 31, 2011). The total plan assets of the entity amounted to R$3.9 billion as of June 30, 2012 (R$3.8 billion as of December 31, 2011). The administrators of the CBS funds seek to match plan assets with benefit obligations payable on a long-term basis. Pension funds in Brazil are subject to certain restrictions regarding their capacity for investment in foreign assets and, therefore, these funds invest mainly in Brazilian securities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Plan Assets are all available assets and the benefit plans&#8217; investments, not including the amounts of debts to sponsors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#1f497d face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Description of the pension plans</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Plan covering 35% of average salary</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This plan began on February 1, 1966 and is a defined benefit plan aimed at paying pensions (for length of service, special situations, disability or old age) on a lifetime basis, equivalent to 35% of the adjusted average of the participant&#8217;s salary for the last 12 months. The plan also guarantees sick pay to participants on Official Social Security leaves of absence and further ensures payments of savings fund, funeral allowance and pecuniary aid. This plan was discontinued on October 31, 1977 when the new supplementary plan based on average salary took effect.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Supplementary average salary plan</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>This plan began on November 1, 1977 and is a defined benefit plan, aimed at complementing the difference between the adjusted average of the participant&#8217;s salary for the last 12 months and the Official Social Security benefit for retirement, also on a lifetime basis. As in the 35% plan, there is coverage for the benefits of sick pay, death and pension. This plan was discontinued on December 26, 1995 with the creation of the mixed supplementary benefit plan</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=red face=arial,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>Version 1</FONT><B>&nbsp;</B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<P><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Mixed supplementary benefit plan</FONT></U></B></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This plan began on December 27, 1995 and is a variable contribution plan. Besides the scheduled retirement benefit, it also covers the payment of risk benefits (pension paid while the participant is still working, disability compensation and sick/accident pay). Under this plan, the retirement benefit is calculated based on the amount accumulated by the monthly contributions of the participants and sponsors, as well as on each participant&#8217;s option for the manner in which they receive them, which can be lifetime (with or without continuity of pension for death) or through a percentage applied to the balance of the fund generating the benefit (loss for indefinite period). After retirement is granted, the plan takes on the characteristics of a defined benefit plan.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CBSPrev Namisa plan </FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This plan began on January 6, 2012 and is a defined contribution plan, with a small portion of defined benefit. Besides the scheduled retirement benefit, it also covers the payment of risk benefits (pension paid while the participant is still working, disability compensation and sick/accident pay). Under this plan, the retirement benefit is determined based on the accumulated amount by monthly contributions of participants and sponsors. To receive the benefit, each participant can opt for: (a) a percentage of up to 25% in a bullet payment and the remaining balance through a monthly income through a percentage applied to the fund generating the benefit, or (b) receive only a monthly income through a percentage applied to the fund generating the benefit.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Investment policy</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The investment policy establishes the principles and guidelines that will govern the investments of funds entrusted to the entity, in order to foster the security, liquidity and profitability required to ensure equilibrium between the plan&#8217;s assets and liabilities, based on an ALM (Asset Liability Management) study that takes into consideration the benefits of participants and beneficiaries for each plan.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The investment plan is reviewed annually and approved by the Decision-Making Board considering a 5-year horizon, as established by resolution CGPC 7 of December 4, 2003. The investment limits and criteria established in the policy are based on Resolution 3,792/09 published by the National Monetary Council (&#8220;CMN&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee benefits</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial calculations are updated at the end of each annual reporting period by outside actuaries and presented in the financial statements pursuant to CPC 33 and IAS 19 </FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee Benefits</FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;<FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
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     <TD vAlign=top width="68%">
<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
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     <TD vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Obligations recognized in the balance sheet</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=left></TD>
     <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Pension plan benefits</FONT>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,673</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,673</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Post-employment healthcare benefits</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>457,377</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>457,377</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>469,050</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>469,050</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>The reconciliation of employee benefits&#8217; assets and liabilities is as follows:</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Present value of defined benefit obligations</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,153,649)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fair value of plan assets</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,384,450</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(Deficit)/surplus</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>230,801</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Restriction to actuarial assets due to recovery limitation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(174,926)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(Liabilities)/assets, net</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>55,875</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Liabilities</FONT>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,673)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Assets (*)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,548</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Net (liabilities)/assets recognized in balance sheet</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(11,673)</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="83%" colSpan=2 align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Changes in the present value of defined benefit obligation during 2011 are as follows:</FONT>&nbsp;</TD>
     <TD width="2%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Present value of obligations at the beginning of the year</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>1,982,556</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of services</FONT>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,579</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>202,242</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(178,403)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial loss/(gain)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>141,675</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Present value of obligations at the end of the year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,153,649</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Changes in the fair values of plan assets during 2011 are as follows:</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Fair value of assets at the beginning of the year</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,316,018</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Expected return on plan assets</FONT>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>260,163</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sponsors' contributions</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,709</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Participants' contributions</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(178,402)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial (gains) losses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(81,038)</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Fair value of assets at the end of the year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,384,450</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The amounts recognized in the income statement for the year ended December 31, 2011 are comprised as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of current services</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,579)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(202,242)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="2%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Expected return on plan assets</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>260,163</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sponsors' contributions transferred in prior year</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,710</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>120,052</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Total unrecognized revenue (*)</FONT>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>103,678</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Total (cost)/revenue recognized in the income statement</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,374</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total (costs)/revenues, net</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>120,052</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The Company did not recognize in its balance sheet the asset and the balancing items thereto resulting from the actuarial valuation of surplus plans because there is no clear evidence of its realization, in accordance with paragraph 59 (c) of CPC 33 and IAS 19 </FONT><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Employee Benefits.</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><EM><FONT face=Arial></FONT></EM>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The (cost)/income is recognized in the income statement in other operating expenses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Changes in actuarial gains and losses in 2011 are as follows: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial gains and (losses)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(222,712)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Restriction due to recovery limitation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>105,655</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="2%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(117,057)</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial gains and (losses) recognized in other comprehensive income</FONT>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(28,048)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Unrecognized actuarial gains/(losses) (*)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(89,009)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total cost of actuarial (gains) and losses</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(117,057)</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) The actuarial loss results from the fluctuation in the investments that form CBS&#8217;s asset portfolio.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The history of actuarial gains and losses is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="42%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2010</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2009</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>01/01/2009 (**)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Present value of defined benefit obligations</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,153,649)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,982,556)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,731,767)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,415,029)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fair value of plan assets</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,384,450</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,316,018</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,160,158</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,396,350</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Surplus</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>230,801</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>333,462</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>428,391</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(18,679)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Experience adjustments to plan obligations</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>141,675</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>225,341</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>287,146</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Experience adjustments to plan assets</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(81,038)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,669</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>664,341</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=left>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The main actuarial assumptions used were as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="40%"></TD>
     <TD width="60%"></TD></TR>
<TR vAlign=bottom>
     <TD width="40%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="60%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial financing method</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Projected unit credit</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Functional currency</FONT>&nbsp;</TD>
     <TD width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Real (R$)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recognition of plan assets</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fair value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Amount used as estimate of equity at the end of the year</FONT>&nbsp;</TD>
     <TD width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Best estimate for equity at the end of the fiscal year, obtained based on a<FONT size=3 face="Times New Roman"> </FONT>projection of October amounts recorded</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Discount rate</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10.46%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inflation rate</FONT>&nbsp;</TD>
     <TD width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Nominal salary increase rate</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.65%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Nominal benefit increase rate</FONT>&nbsp;</TD>
     <TD width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Rate of return on investments</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11.52% - 12.24%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>General mortality table</FONT>&nbsp;</TD>
     <TD width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>AT 2000 segregated by gender</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disability table</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Mercer Disability with probabilities multiplied by 2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disability mortality table</FONT>&nbsp;</TD>
     <TD width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Winklevoss - 1%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Turnover table</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Millennium plan 2% p.a., nil for DB plans</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Retirement age</FONT>&nbsp;</TD>
     <TD width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100% on first date he/she becomes eligible for programmed retirement<FONT size=3 face="Times New Roman"> </FONT>benefit under plan</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Household of active participants</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="60%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>95% will be married at the time of retirement, with the wife being 4 years<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman"> </FONT>younger than the husband</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>
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<P style="TEXT-ALIGN: right">Page 110 of 117</P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
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     <TD vAlign=top width="68%">
<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The assumptions related to the mortality table are based on published statistics and mortality tables. These tables represent an average life expectancy in years of employees retiring at the age of 65, as shown below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD width="51%" align=left>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="66%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Longevity at age of 65 for current participants</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="51%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Male</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19.55</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="51%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Female</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=left></TD>
     <TD bgColor=#f2f2f2 width="15%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=left></TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22.17</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="51%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Allocation of plan assets:</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="51%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right>&nbsp;</TD>
     <TD width="2%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="51%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Variable income</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>360,958</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15.14%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="51%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fixed income</FONT>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,756,831</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>73.68%</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="51%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Real estate</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>190,756</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8.00%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="51%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>75,905</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.18%</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="51%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>2,384,450</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=6>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="66%" colSpan=2 align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>Expected long-term return on plan assets:</FONT>&nbsp;</TD>
     <TD width="2%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="51%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="51%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Variable income</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18.05%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="51%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fixed income</FONT>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10.53%</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="51%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Real estate</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10.34%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="51%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10.34%</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" bgColor=#f2f2f2 width="51%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>11.78%</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actual return on plan assets was R$179,126 as of December 31, 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Variable-income assets comprise mainly CSN shares.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fixed-income assets comprise mostly debentures, Certificates of Interbank Deposit (&#8220;CDI&#8221;) and National Treasury Notes (&#8220;NTN-B&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Real estate refers to buildings appraised by a specialized asset appraisal firm. There are no assets in use by CSN and its subsidiaries.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the defined benefit plans, the expense as of June 30, 2012 was R$5,256 (R$33,192 as of June 30, 2011).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the mixed plan, which has defined contribution components, the expense as of June 30, 2012 was R$16,387 (R$12,171 as of June 30, 2011).</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected contributions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected contributions of R$69,244 will be paid to defined benefits plans in 2012. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the mixed supplementary benefit plan, which includes defined contribution components, expected contributions of R$27,500 will be paid in 2012. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>POST-EMPLOYMENT HEALTH CARE PLAN</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Refer to a healthcare plan created on December 1, 1996 exclusively for retired former employees, pensioners, those who received an amnesty, war veterans, widows of employees who died as a result of on-the-job accidents and former employees who retired on or before March 20, 1997 and their related dependents. Since then, the health care plan has not permitted the inclusion of new beneficiaries.&nbsp; The plan is sponsored by CSN and administered by Caixa Beneficente dos Empregados da Cia. Sider&#250;rgica Nacional &#8211; CBS. &nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right">Page 111 of 117</P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
</TD></TR>
<TR height=20>
     <TD vAlign=top width="68%">
<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The amounts recognized in the balance sheet were determined as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Present value of obligations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>457,377</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>457,377</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>457,377</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>457,377</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><FONT size=2 face=Helvetica,Arial,Helvetica,sans-serif>The reconciliation of liabilities for healthcare benefits is as follows:</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=4>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial liabilities at the beginning of the year</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>367,839</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest on actuarial obligation</FONT>&nbsp;</TD>
     <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>39,616</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sponsors' contributions transferred in prior year</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(34,653)</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recognition of (gain)/loss for the year</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>84,575</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Actuarial liabilities at the end of the year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>457,377</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=left>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the post-employment healthcare benefit plan, the expense as of June 30, 2012 was R$17,054 (R$17,671 as of June 30, 2011).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial gains and losses recognized in equity are as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="68%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial loss on obligation</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>84,575</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Loss recognized in equity</FONT></B>&nbsp;</TD>
     <TD width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>84,575</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="15%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The history of actuarial gains and losses is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="42%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2010</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2009</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>01/01/2009 (**)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Present value of defined benefit obligation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(457,377)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(367,839)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(317,145)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(296,608)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(Deficit)/surplus</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(457,377)</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(367,839)</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(317,145)</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>(296,608)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Experience adjustments to plan obligations</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>84,575</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48,301</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,232</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,023</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;(**) IAS 19/CPC33 requires disclosure of the history for five (5) years, although this does not have to be retrospectively applied for a first-time adopter of IFRS/CPC.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The impact on a one-percent change in the assumed trend rate of the healthcare cost is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD width="70%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" width="30%" colSpan=2 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="70%" align=left>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Increase</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Decrease</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect on total cost of current service and finance cost</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect on defined benefit obligation</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,032</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(35,916)</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right">Page 112 of 117</P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
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     <TD vAlign=top width="68%">
<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="68%">
<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial assumptions used for calculating postemployment healthcare benefits were:</FONT></P>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="70%"></TD>
     <TD width="30%"></TD></TR>
<TR vAlign=bottom>
     <TD width="70%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="70%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Biometrics</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="30%" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>General mortality table</FONT>&nbsp;</TD>
     <TD width="30%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>AT 2000 segregated by gender</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Turnover</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="30%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>N/A</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Household</FONT>&nbsp;</TD>
     <TD width="30%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actual household</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="70%" align=left><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Financial</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="30%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial nominal discount rate</FONT>&nbsp;</TD>
     <TD width="30%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10.46%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inflation</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="30%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Increase in medical cost based on age</FONT>&nbsp;</TD>
     <TD width="30%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4.6%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Nominal medical costs growth rate</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="30%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2.31%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Average medical cost</FONT>&nbsp;</TD>
     <TD width="30%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>299.69</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>29.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>GUARANTEES</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is liable for guarantees for its subsidiaries and jointly controlled entities, as follows: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="19%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>Currency</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>Maturities</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>Borrowings</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>Tax foreclosure</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>Other</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=center><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="10%" align=center><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>12/31/2011</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>Up to 5/8/2028</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>Transnordestina</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>R$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>and undefined</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,486,308</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,358,657</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,800</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,800</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>4,866</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>7,686</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,492,974</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,368,143</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>Up to</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>11/18/2014 and</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>CSN Cimentos</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>R$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>undefined</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>24,813</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>30,213</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>41,497</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>30,097</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>66,310</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>60,310</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>Up to 2/7/2014</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>Prada</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>R$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>and undefined</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>10,133</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>9,958</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>20,275</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>2,440</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>30,408</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>12,398</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>Sepetiba Tecon</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>R$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>700</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>700</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>R$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>09/15/2013</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>7,326</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>7,326</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>7,326</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>7,326</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>Up to</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>12/30/2012 and</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>CSN Energia</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>R$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>undefined</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>2,392</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>2,392</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>2,336</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>2,392</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>4,728</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>R$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>05/21/2018</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>2,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>2,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>2,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>2,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>Funda&#231;&#227;o CSN</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>R$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>undefined</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,003</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,003</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total in R$</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,494,637</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,366,683</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>39,138</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>44,363</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>66,638</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>42,559</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,600,413</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,453,605</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands VIII</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>US$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>12/16/2013</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>550,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>550,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>550,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>550,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands IX</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>US$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>01/15/2015</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>400,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>400,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>400,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>400,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands XI</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>US$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>09/21/2019</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>750,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>750,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>750,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>750,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>CSN Islands XII</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>US$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>Perpetual</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>CSN Resources</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>US$</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>07/21/2020</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,200,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,200,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>1,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total in US$</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="10%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,900,000</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,700,000</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,900,000</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>3,700,000</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>CSN Steel S.L.</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>EUR</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>01/31/2020</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>120,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif>120,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt" face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total in EUR</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>120,000</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>120,000</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="19%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>Total in R$</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD width="10%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,190,342</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>6,940,460</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>8,190,342</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>6,940,460</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="19%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="6%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-SIZE: 7pt"></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>11,684,979</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>10,307,143</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>39,138</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>44,363</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>66,638</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>42,559</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>11,790,755</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Helvetica-Bold,Arial,Helvetica,sans-serif>10,394,065</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right">Page 113 of 117</P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
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     <TD vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>30.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COMMITMENTS </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Take-or-pay contracts</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of June 30, 2012, the Company was a party to take-or-pay contracts as shown in the following table: </FONT></P>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="30%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD></TR>
<TR vAlign=bottom>
     <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left></TD>
     <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left></TD>
     <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" colSpan=3 align=center><STRONG><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Payments in the period</FONT></STRONG><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"> </FONT></TD>
     <TD width="1%" align=center><STRONG></STRONG></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=11 align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Commitments</FONT></B></TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;<STRONG>Concessionaire</STRONG> </FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;<STRONG>Type of service</STRONG> </FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;<STRONG>Agreement terms and conditions</STRONG> </FONT></TD>
     <TD width="1%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2011</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2013</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2014</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2015</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">After 2015</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">MRS Log&#237;stica</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Iron ore transportation.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Contractual clause providing for guaranteed revenue on railway freight. In the case of CSN, this means a </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">minimum payment of 80% of freight estimate. </FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">73,073</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">65,430</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">88,029</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">176,058</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">176,058</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">176,058</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">88,029</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">704,232</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">MRS Log&#237;stica</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Steel products transportation.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Transportation of at least 80% of annual volume agreed with MRS.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">34,196</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">29,381</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">58,762</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">58,762</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">58,762</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">24,484</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">230,151</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">MRS Log&#237;stica</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Iron ore, coke and coal </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">transportation. </FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Transportation of 8,280,000 metric tons per year of iron ore and 3,600,000 metric tons per year of coal,</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"> coke and other reducing agents. </FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">18,610</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">269</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">33,353</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">33,353</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">FCA</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Mining products transportation.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Transportation of at least 1,900,000 metric tons per year.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">252</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">412</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">31,542</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">63,085</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">94,627</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">FCA</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">FCA railway transportation of </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">clinker to CSN Cimentos. </FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Transportation of at least 675,000 metric tons per year of clinker in 2011 and 738,000 metric tons per </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">year of clinker starting 2012. </FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,568</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">13,469</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">26,937</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">26,937</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">26,937</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">116,727</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">211,007</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">ALL</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Railway transportation of steel </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">products. </FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Rail transportation of at least, 20,000 metric tons of steel products monthly, which can vary 10% up or </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">down, originated at the &#193;gua Branca Terminal in S&#227;o Paulo for CSN PR in Arauc&#225;ria, State of Paran&#225;. </FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">5,789</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">6,084</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,180</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,180</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">White Martins</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Supply of gas (oxygen, nitrogen </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">and argon). </FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN undertakers to buy at least 90% of the annual volume of gas contracted with White Martins.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">38,395</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">49,908</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">48,639</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">97,279</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">97,279</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">97,279</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">97,279</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">437,755</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD vAlign=middle width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CEG Rio</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Supply of natural gas.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN undertakes to buy at least 70% of the monthly natural gas volume.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">209,773</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">236,130</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">139,864</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">139,864</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD vAlign=middle width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Vale S.A</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Supply of iron ore pellets.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN undertakes to buy at least 90% of the volume of iron ore pellets secured by contract. The take-or-pay volume is determined every 18 months.</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">171,720</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">211,151</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">73,075</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">146,150</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">97,433</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">316,658</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD vAlign=middle width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Compag&#225;s</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Supply of natural gas.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN undertakes to buy at least 80% of the monthly natural gas volume contracted with Compag&#225;s.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">7,200</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">9,430</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">7,019</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">14,038</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">14,038</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">14,038</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">126,341</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">175,474</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD vAlign=middle width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">COPEL</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Power supply.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN undertakers to buy at least 80% of the annual energy volume contracted with COPEL.</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">5,953</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,744</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">7,487</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">7,487</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">7,487</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">39,934</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">66,139</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD vAlign=middle width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">K&amp;K Tecnologia</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Processing of blast furnace </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">sludge generated during pig iron production.&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">CSN undertakes to supply at least 3,000 metric tons per month of blast furnace sludge for processing at </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">K&amp;K sludge concentration plant.</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,054</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,940</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,537</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">7,074</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">7,074</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">7,074</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">51,283</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">76,042</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD vAlign=middle width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Harsco Metals</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Processing of slag generated </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">during pig iron and steel production.</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Harsco Metals undertakes to process metal products and slag crushing byproducts resulting from CSN&#8217;s </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">pig iron and steel manufacturing process, receiving for this processing the amount corresponding to the product of the multiplication of unit price (R$/t) by total production of liquid steel from CSN steel mill, ensuring a minimum production of liquid steel of 400,000 metric tons.&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">20,135</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">20,185</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">15,000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">30,000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">15,000</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">60,000</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=middle width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Siemens</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Manufacturing, repair, recovery </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">and production of ingot casting machine units.</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Siemens undertakes to manufacture, repair, recover and produce, in whole or in part, ingot casting </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">machine units to provide the necessary off-line and on-line maintenance of continuous ingot casting machine assemblies of the Presidente Vargas plant (UPV). Payment is set at R$/t of produced steel plates.&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">18,944</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">23,432</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">16,162</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">18,856</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">35,018</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=21><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="8%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left></TD>
     <TD width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left></TD>
     <TD width="30%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">572,898</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">663,135</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">503,994</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">645,726</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">500,068</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">387,635</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">544,077</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="5%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,581,500</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Concession agreements</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Minimum future payments related to government concessions as of June 30, 2012 fall due according to the schedule set out in the following table:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="40%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Company</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B></B></TD>
     <TD width="40%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Concession</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Type of service</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2012</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2013</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2014</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2015</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">After 2015</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="7%" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Total</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD width="100%" colSpan=14><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">MRS</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">30-year concession, renewable for another 30 years, to provide iron ore railway </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">transportation services from the Casa de Pedra mines, in Minas Gerais, coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, transportation of export goods to the Itagua&#237; and Rio de Janeiro Ports, and shipping of finished goods to the domestic market.&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">40,086</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">80,171</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">80,171</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">80,171</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">821,757</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,102,356</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD vAlign=middle width="100%" colSpan=14><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Transnordestina</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">30-year concession granted on December 31, 1997, renewable for another 30 years </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">for the development of public utility to operate the Northeastern railway system. The railway system covers 4,238 kilometers of railroads in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.&nbsp;</FONT></TD>
     <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">3,238</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">6,476</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">6,476</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">6,476</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">73,931</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">96,597</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD vAlign=middle width="100%" colSpan=14><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Tecar</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Concession to operate TECAR, a solid bulk terminal, one of the four terminals that </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">comprise the Itagua&#237; Port, in Rio de Janeiro, for a period ending 2022 and renewable for another 25 years.&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">80,613</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">117,913</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">125,922</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">125,922</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">881,455</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,331,825</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD vAlign=middle width="100%" colSpan=14><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">Tecon</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=left></TD>
     <TD vAlign=middle width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">25-year concession granted in July 2001, renewable for another 25 years, to operate the container terminal at the Itagua&#237; Port.</FONT></TD>
     <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">11,065</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">22,129</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">22,129</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">22,129</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">221,293</FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD vAlign=middle width="1%" align=right></TD>
     <TD vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">298,745</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR>
     <TD vAlign=middle width="100%" colSpan=14><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=middle width="12%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="40%" align=left><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">135,002</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">226,689</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">234,698</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">234,698</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">1,998,436</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">2,829,523</FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE>
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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
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     <TD vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>31.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INSURANCE </FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Aiming to properly mitigate risk and in view of the nature of its operations, the Company and its subsidiaries have taken out several different types of insurance policies. Such policies are contracted in line with the CSN Risk Management policy and are similar to the insurance taken out by other companies operating in the same lines of business as CSN and its subsidiaries. The risks covered under such policies include the following: Domestic Transportation, International Transportation, Carrier&#8217;s Civil Liability, Importation, Exportation, Life and Casualty, Health Coverage, Fleet Vehicles, D&amp;O (Civil Liability Insurance for Directors and Officers), General Civil Liability, Engineering Risks, Sundry Risks, Export Credit, Performance Bond and Port Operator&#8217;s Civil Liability. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2012, after negotiation with insurers and reinsurers in Brazil and abroad, an Insurance Issue Certificate was issued for the contracting of a policy of Operational Risk of Property Damages and Loss of Profits, with effect from June 30, 2012 to June 30, 2013.&nbsp; Under the insurance policy, the LMI (Maximum Limit of Indemnity) is US$200,000,000 and covers the following units and subsidiaries of the Company: Usina Presidente Vargas, Minera&#231;&#227;o Casa de Pedra, Minera&#231;&#227;o Arcos, CSN Paran&#225;, CSN Porto Real, Terminal de Cargas TECAR, Terminal TECON, NAMISA and CSN Cimentos. CSN takes responsibility for a range of retention of US$300,000,000 in excess of the deductibles for property damages and loss of profits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In view of their nature, the risk assumptions adopted are not part of the scope of a review of interim financial statements and, accordingly, were not reviewed by our independent auditors.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>32.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ADDITIONAL INFORMATION TO CASH FLOWS </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="42%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="28%" colSpan=3 align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2012</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>6/30/2011</FONT></B>&nbsp;</TD></TR>
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     <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income tax and social contribution paid</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>94,301</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>128,952</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,598</FONT>&nbsp;</TD></TR>
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     <TD width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Addition to PP&amp;E with interest capitalization</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>202,807</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>143,069</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,711</FONT>&nbsp;</TD>
     <TD width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>95,025</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="42%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of PP&amp;E without increasing cash</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>373,673</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="2%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="13%" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="42%" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>297,108</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>272,021</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>509,384</FONT></B>&nbsp;</TD>
     <TD width="2%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>194,623</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>33.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EVENTS AFTER THE REPORTING PERIOD </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The subsidiary Namisa will file an objection to the tax assessment of R$236 million, issued in July 2012, for allegedly not having paid income tax (IRPJ) and social contribution on net income (CSLL) on the profits disclosed in the balance sheets of its foreign subsidiaries. In light of the recent changes in administrative and court jurisprudence, our outside legal counsel classified the likelihood of an unfavorable outcome in similar cases as possible. &nbsp;The potential effect on the Parent Company and consolidated is approximately R$141.6 million.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P>
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     <TD vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>
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<P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap> <H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>To the Board of Directors and Shareholders of</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>Companhia Sider&#250;rgica Nacional</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><U><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>S&#227;o Paulo &#8211; SP</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Introduction</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>We have reviewed the accompanying individual and consolidated interim financial information of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), included in the Interim Financial Information Form (ITR), for the quarter ended June 30, 2012, which comprises the balance sheet as of June 30, 2012 and the related income statement and statement of comprehensive income for the three and six-months period then ended and the statement of changes in equity and statement of cash flows for the six-month period then ended, including the explanatory notes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Management is responsible for the preparation of the individual interim financial information in accordance with CPC 21 &#8211; Interim Financial Reporting and the consolidated interim financial information in accordance with CPC 21 and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Scope of review</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 &#8211; Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.</FONT></P>
<P style="MARGIN: 0in 0in 12pt"><B><FONT style="LINE-HEIGHT: 12.5pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Conclusion on the individual interim financial information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the ITR referred to above is not prepared, in all material respects, in accordance with CPC 21 applicable to the preparation of Interim Financial Information (ITR) and presented in accordance with the standards issued by the Brazilian Securities Commission.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Conclusion on the consolidated interim financial information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the ITR referred to above is not prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of Interim Financial <FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Information (ITR) and presented in accordance with the standards issued by the Brazilian Securities Commission.</FONT></FONT></P>
</DIV>
<P style="TEXT-ALIGN: right">Page 116 of 117</P>
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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times-Bold,Times New Roman,Times,serif">(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></P></TD></TR>

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   <TD vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT></FONT></H2></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="68%">

   <P style="MARGIN: 0in 0pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - June 30, 2012 &#8211; CIA SIDERURGICA NACIONAL</FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=arial,sans-serif> </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="32%" noWrap>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 7.1pt; MARGIN: 0in 0pt 0pt 224.65pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=PT-BR face=Arial,sans-serif>Version: 1</FONT></H2></TD></TR></TABLE>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Other matters</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Statements of value added</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>We have also reviewed the individual and consolidated interim statements of value added (&#8220;DVA&#8221;), for the six-month period ended June </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>30, 2012</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>, prepared under the responsibility of the Company's management, the presentation of which is required by the standards issued by the Brazilian Securities Commission (CVM) applicable to the preparation of Interim Financial Information (ITR), and considered as supplemental information for IFRS that does not require the presentation of DVA. These statements were subject to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they are not prepared, in all material respects, in relation to the individual and consolidated interim financial information taken as a whole.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 8.25pt 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Review of individual and consolidated interim financial information for the three months ended June 30, 2011 and audit of individual and consolidated financial statements for the year ended December 31, 2011 </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 8.25pt 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The information and amounts for the three and six period months ended June 30, 2011, presented for comparison purposes, were previously reviewed by other independent auditors, whose report, without qualification, was issued and dated on August 2, 2011. The information and amounts for the year ended December 31, 2011, presented for comparison purposes, were previously audited by other independent auditors, whose report, without qualification, was issued and dated on March 26, 2012. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0.5in"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The accompanying </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>interim financial information </FONT><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>has been translated into English for the convenience of readers outside Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>S&#227;o Paulo, August 14, 2012</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 22.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" face=arial,sans-serif>DELOITTE TOUCHE TOHMATSU</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17.4pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 22.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" face=arial,sans-serif>Roberto Wagner Promenzio</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 22.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" face=arial,sans-serif>Auditores Independentes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 22.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" face=arial,sans-serif>Engagement Partner</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 22.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 22.7pt"><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">SIGNATURE </FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;August 29, 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>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

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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>

<P>&nbsp;</P>

<DIV align=center>

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<TR>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left>&nbsp;</DIV></TD></TR>

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   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

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   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;David Moise Salama </FONT></DIV>

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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>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<P>&nbsp;</P>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
