<SEC-DOCUMENT>0001292814-12-002269.txt : 20120913
<SEC-HEADER>0001292814-12-002269.hdr.sgml : 20120913
<ACCEPTANCE-DATETIME>20120912191503
ACCESSION NUMBER:		0001292814-12-002269
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120930
FILED AS OF DATE:		20120913
DATE AS OF CHANGE:		20120912

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:		121088889

	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>sid20120912_6k1.htm
<DESCRIPTION>MINUTES OF THE EXTRAORDINARY MEETING OF THE BOARD OF DIRECTORS OF COMPANHIA SIDERURGICA NACIONAL HELD ON AUGUST 29, 2012  DRAWN UP IN SUMMARY FORMAT.
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<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>

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<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>

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

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

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

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<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>

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

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

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

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

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">MINUTES OF THE EXTRAORDINARY MEETING OF THE BOARD OF DIRECTORS OF COMPANHIA SIDER&#218;RGICA NACIONAL HELD ON AUGUST 29, 2012&nbsp; DRAWN UP IN SUMMARY FORMAT. </FONT></B></P>

<H4 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0in 0in"><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT>&nbsp;</H4>

<H4 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0in 0in"><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Publicly-held Company</FONT></H4>

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<H4 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0in 0in"><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">Company Registry (NIRE) No.:35300396090</FONT></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1.</FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Date:&nbsp;</FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August 29, 2012</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time:</FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2:30 p.m.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venue:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Held by conference call, pursuant to article 15, paragraph 2 of the Company&#8217;s Bylaws.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in"><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attendance:</FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; Benjamin Steinbruch, Jacks Rabinovich, Antonio Francisco dos Santos, Fernando Perrone, Yoshiaki Nakano, Gilberto Say&#227;o da Silva and Rubens dos Santos &#8211; Board members, and Cl&#225;udia Maria Sarti &#8211; General Secretary to the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 135%; MARGIN: 0in 0pt 0in 0in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matters Discussed: 5.1 &#8211; Issuance of Debentures.</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Board of Directors approved, by majority vote, the Issuance and Restricted Offering (as per the definitions below), which will have the following characteristics and conditions:</FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(i) Issuance Number: </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">6<SUP>th</SUP> (sixth) issuance of simple, non-convertible, unsecured debentures in two (2) series, of the Company (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Issuance</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221; and &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Debentures</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;, respectively); </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ii) Total Issuance Amount. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Total Issuance Amount will be one billion, five hundred sixty-five million reais (R$1,565,000,000.00) on the Issuance Date (as defined below); </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(iii) Number of Series. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Issuance will be held in two (2) series; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(iv) Number of Debentures. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">A total of one hundred fifty-six thousand, five hundred (156,500) Debentures will be issued, of which one hundred six thousand, five hundred (106,500) will be Debentures of the 1<SUP>st</SUP> (first) series (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Debentures of the 1<SUP>st</SUP> Series</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;) and fifty thousand (50,000) Debentures will be of the 2<SUP>nd</SUP> (second) series (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Debentures of the 2<SUP>nd</SUP> Series</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;); </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(v) Unit Nominal Value and Restatement of the Unit Nominal Value</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">. The Debentures will have a Unit Nominal Value of ten thousand reais (R$10,000.00) on the Issuance date (as defined below) (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Unit Nominal Value</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;). The Unit Nominal Value will not be inflation-adjusted or restated based on any index; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(vi) Destination of Funds. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The net proceeds from the Issuance and the Restricted Offering (as defined below), carried out to meet the Company&#8217;s usual business needs, will be used (a) to fully pay the promissory notes of the Company&#8217;s 1<SUP>st</SUP> (first) issuance; and (b) the usual management in extending the Company's debt profile; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(vii) Form. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Debentures will be registered and book-entry, without the issuance of any instruments or certificates; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(viii) Convertibility. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Debentures will not be convertible into the Company&#8217;s shares; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(ix) Type. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Debentures will be unsecured, pursuant to article 58 of Law 6,404 of December 15, 1976, as amended (&#8220;Brazilian Corporate Law&#8221;); </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(x) Placement. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Debentures will be offered through public distribution with restricted placement efforts, in accordance with CVM Instruction 476 of </FONT>
<FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">January 16, 2009, as amended (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">CVM Instruction 476</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;), with firm placement guarantee for the entire Issuance volume, provided by BB &#8211; Banco de Investimento S.A. (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Lead Manager</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;) and by Banco Ita&#250; BBA S.A. (together with the Lead Manager, &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Underwriters</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;), under the terms to be established in the Debenture placement agreement, and targeted at qualified investors, as defined by article 109 of CVM Instruction 409 of August 18, 2004, as amended, and article 4 of CVM Instruction 476 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Restricted Offering</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;); </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(xi) Registration for Distribution and Trading. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Debentures will be registered, for distribution with the SDT (Securities Distribution Module), and for trading on the secondary market, with the SND (National Debentures Module), both administered and operated by CETIP S.A. &nbsp;Mercados Organizados (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">CETIP</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;), subject to the prohibition on trading for ninety (90) days, envisaged in article 13 of CVM Instruction 476, with the financial settlement and electronic custody done through CETIP; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(xii) Issuance Date. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">For all legal purposes, the issuance date of the Debentures will be September 6, 2012 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Issuance Date</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;); </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(xiii) Maturity Date</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">. The Debentures of the 1<SUP>st</SUP> Series will mature on March 30, 2015 and the Debentures of the 2<SUP>nd</SUP> Series will mature on September 6, 2015; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(xiv) Remuneration. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Debentures of the 1<SUP>st</SUP> Series will be entitled to interest corresponding to one hundred five point eight zero percent (105.80%) of the accumulated variation of the average daily rates of the interbank deposit rate (DI) over extra group (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">DI Rate</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;) expressed as an annual percentage, computed on the basis of two hundred fifty-two (252) working days, calculated and disclosed by the CETIP in the daily bulletin available on its website (</FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">www.cetip.com.br) (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US color=windowtext face="Times New Roman">Interest on Debentures of 1<SUP>st</SUP> Series</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=windowtext face="Times New Roman">&#8221;). </FONT><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Interest on Debentures of&nbsp; the 1<SUP>st</SUP> Series will be calculated exponentially and cumulatively, </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">pro rata temporis </FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">per past working days, on the Unit Nominal Value of the Debentures of the 1<SUP>st</SUP> Series, from the Issuance Date or the immediately preceding payment date, whichever is later, inclusive, until the date of its actual payment.The Interest on Debentures of the 1<SUP>st</SUP> Series will be paid in six (6) half-yearly installments, according to the following table:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">September 30, 2012</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">March 30, 2013</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">2<SUP>nd</SUP> installment</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">September 30, 2013</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3<SUP>rd</SUP> installment</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">March 30, 2014</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">4<SUP>th</SUP> installment</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">September 30, 2014</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">5<SUP>th</SUP> installment</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">March 30, 2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">6<SUP>th</SUP> installment</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><FONT style="LINE-HEIGHT: 135%; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US>The Debentures of the 2<SUP>nd </SUP>Series will be entitled to interest corresponding to one hundred six percent (106.00%) of the accumulated variation of the DI Rate, expressed as an annual percentage, computed on the basis of two hundred fifty-two (252) working days, calculated and disclosed by the CETIP in the daily bulletin available on its website (</FONT><FONT style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><FONT style="LINE-HEIGHT: 135%; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=windowtext>www.cetip.com.br) (&#8220;</FONT><U><FONT style="LINE-HEIGHT: 135%; FONT-WEIGHT: normal" lang=EN-US color=windowtext>Interest on Debentures of 2<SUP>nd</SUP>Series</FONT></U><FONT style="LINE-HEIGHT: 135%; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=windowtext>&#8221;). </FONT><FONT style="LINE-HEIGHT: 135%; FONT-WEIGHT: normal" lang=EN-US>The Interest on Debentures of the 2<SUP>nd</SUP> Series will be calculated exponentially and cumulatively, </FONT><I><FONT style="LINE-HEIGHT: 135%; FONT-WEIGHT: normal" lang=EN-US>pro rata temporis </FONT></I><FONT style="LINE-HEIGHT: 135%; FONT-WEIGHT: normal" lang=EN-US>per past working days, on the Unit Nominal Value of the Debentures of the 2<SUP>nd</SUP> Series, from the Issuance Date or the immediately preceding payment date, whichever is later, inclusive, until the date of its actual payment.The Interest on Debentures of the 2<SUP>nd</SUP> Series will be paid in six (6) half-yearly installments, according to the following table:</FONT></FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" face="Times New Roman">Payment Date</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" face="Times New Roman">Installment</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">March 6, 2013</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">1<SUP>st</SUP> installment</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">September 6, 2013</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">2<SUP>nd</SUP> installment</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">March 6, 2014</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">3<SUP>rd</SUP> installment</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">September 6, 2014</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">4<SUP>th</SUP> installment</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">March 6, 2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">5<SUP>th</SUP> installment</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">September 6, 2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">6<SUP>th</SUP> installment</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(xv) Amortization of Principal. </FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Unit Nominal Value of the Debentures of the 1<SUP>st</SUP> Series will be amortized in two (2) installments, according to the following table:</FONT></P>

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<TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" face="Times New Roman">Amortization Date</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" face="Times New Roman">% of Unit Nominal Value</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">March 30, 2014</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">50.00%</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">March 30, 2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">50.00%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Unit Nominal Value of the Debentures of the 2<SUP>nd</SUP> Series will be amortized in two (2) installments, according to the following table:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 135%; MARGIN: 0in 0pt 0in 0in"><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" face="Times New Roman">Amortization Date</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" face="Times New Roman">% of Unit Nominal Value</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">September 6, 2014</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 12pt" face="Times New Roman">50.00%</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">September 6, 2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 12pt" face="Times New Roman">50.00%</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><B><FONT style="LINE-HEIGHT: 110%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 135%; MARGIN: 0in 0pt 0in 0in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(xvi) Guarantees. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Debentures will not have any guarantees; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(xvii) Early Maturity</FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">. Early maturity of the Debentures may be declared and the Company will be required to make immediate payment of the Unit Nominal Value plus corresponding interest, calculated on a </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">pro rata temporis </FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">basis, from the Issuance Date or the immediately preceding interest payment date, whichever is later, inclusive, until the date of its actual payment, plus other charges, in the hypotheses for early maturity, pursuant to the terms and conditions set forth in the Deed of Debentures; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(xviii) Optional Acquisition. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Company may, at any time, acquire the outstanding Debentures, subject to the restrictions on trading and time periods envisaged in CVM Instruction 476 and article 55, paragraph 3, item I of the Brazilian Corporate Law; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(xix) Optional Early Redemption. </FONT></B><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Company reserves the right, anytime starting from the thirteenth (13<SUP>th</SUP>) month from the Issuance Date, at its sole discretion, to carry out, partially or fully, the early redemption of the Debentures (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">Optional Early Redemption</FONT></U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&#8221;) according to the procedures set forth in the Brazilian Corporate Law and the terms established in the Deed of Debentures. The Optional Early Redemption will be carried out through payment (a) of the Unit Nominal Value or the balance Unit Nominal Value of the Debentures that are the object of the Optional Early Redemption, plus corresponding interest, calculated on a </FONT><I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">pro rata temporis</FONT></I><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">basis from the Issuance Date or the immediately preceding interest payment date, whichever is later, inclusive, until the date of the actual Optional Early Redemption; (b) of any charges due; and (c) of the premium on the sum of the amounts mentioned in sub-items "a" and "b" above, as detailed below: (1) zero point five zero percent (0.50%), if the Optional Early Redemption is carried out between the thirteenth (13<SUP>th</SUP>) and twenty-fourth (24<SUP>th</SUP>) months from the Issuance Date; and (b) zero point three zero percent (0.30%) if the Optional Early Redemption is carried out between </FONT><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">the twenty-fifth (25<SUP>th</SUP>) and thirty-sixth (36<SUP>th</SUP>) months from the Issuance Date. If the Debentures are registered in the CETIP, the Optional Early Redemption will be carried out in accordance with CETIP&#8217;s procedures; (</FONT><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">xx</FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">) </FONT><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Default Charges</FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">. The late charges on Debentures will be defined in the Deed of Debentures;</FONT><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> (xxi) Additional Obligations of the Company. </FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Company will fully comply with article 17 of CVM Instruction 476, as applicable, as well as the obligations set forth in the Deed of Debentures; </FONT><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(xxii) Registration of the Issuance with the Brazilian Securities and Exchange Commission (CVM). </FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The Issuance is automatically exempt from registration of the distribution with the CVM, pursuant to article 6 of CVM Instruction 476; and </FONT><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">(xxiii) Term Extension</FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">.The terms related to the payment of any obligation related to the Debentures will be considered as extended until the first subsequent working day if the maturity date is a national, municipal (in the city where the Company is headquartered) or bank holiday, with no additions to the amounts payable, except when payments must be made through CETIP, in which case, the term will only be extended when the payment date is a Saturday, a Sunday or a national holiday. </FONT><B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.1.1 &#8211; Authorization to the Board of Executive Officers. </FONT></B><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">The members of the Board of Executive Officers are hereby authorized to take any and all measures necessary to implement this resolution and may, pursuant to the Company&#8217;s bylaws, (i) define and approve the content of the documents related to the Issuance, subject to the conditions in item 5.1 above; (ii) take any and all measures necessary to sign the Deed of Debentures and any other documents necessary for the Issuance; (iii) take any and all measures necessary to hire the Underwriters, the agent bank, the legal advisors, the trustee, the depositary institution and other institutions that may be necessary to carry out the Issuance, establishing their respective fees; and (iv) publish and register the corporate documents with the competent authorities and take the necessary measures at CETIP or any other bodies or agencies.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in"><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">I hereby confirm that the resolutions transcribed here are faithful in content to the minutes filed at the Company&#8217;s headquarters.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></P>

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<H2 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=PT-BR color=black face="Times New Roman">Claudia Maria Sarti</FONT></H2>

<H3 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 135%; FONT-SIZE: 12pt; FONT-WEIGHT: normal" face="Times New Roman">General Secretary to the Board of Directors</FONT></H3></DIV></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">SIGNATURE </FONT></DIV>

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<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;September 12, 2012</FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

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   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Benjamin Steinbruch </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

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   <DIV align=left>&nbsp;</DIV></TD></TR>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

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   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;David Moise Salama </FONT></DIV>

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   <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>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
